Ringing Results for Telecom Namibia
Riding on the back of increasing subscriber additions for its broadband offerings, Telecom Namibia last year rang up a three per cent increase in total revenue, totalling N$1,16 billion.
Releasing its financial results for the year ended September 30 2010, Telecom said its operating profit for the year jumped by 77 per cent from N$58,5 million in 2009 to N$103,7 million last years. Profit after tax improved from N$25,5 million in 2009 to N$69,7 million during the period under review.
Total assets were up from N$2,13 billion as to N$2,18 billion, increasing by three per cent. Additional investment amounting to N$159 million was made towards local capital infrastructure development.
Telecom Namibia also successfully concluded a bond issue during the last financial year, injecting N$200 million in long-term capital to the business. Additional long term debt of N$222 million was raised by the company in 2010. Total long-term borrowings therefore increased from N$294 million to N$659 million from 2009 to 2010.
The additional capital resulting from the positive cash flow from operations, saw Telecom Namibia fully redeem its overdraft of N$256 million during the year. Operations generated a net amount of N$327 million last year, up from N$295 million the previous financial year.
Telecom Namibia issued 3 483 orders worth close to N$148 million to black economic empowerment (BEE) companies during its last financial year. This constitutes 39 per cent of all orders that were placed with suppliers or contractors and 38,2 per cent in terms of overall value of all orders placed.