Econet Wireless sees 24% jump in FY sales
Zimbabwe telco Econet Wireless has reported a 24% increase in full-year revenues in its financial year to end-February 2012. Sales rose to USD611.1 million, up from USD493.5 million the previous year, driven by a 16% increase in subscriber numbers to 6.41 million. Earnings before interest, tax, depreciation and amortisation (EBITDA) climbed from USD242.7 million to USD290.9 million, while net profits were up 18% at USD165.7 million.
Econet has confirmed that it is currently in the final stages of concluding a syndicated USD307 million loan from a group of international banks to help fund its continued network expansion and upgrade programme. The operator says it has invested USD614 million in its Zimbabwe operations over the last three years, including USD184 million in the most recent twelve-month period. Econet Wireless controls almost two-thirds of Zimbabwe’s mobile market, competing with Vimpelcom/Orascom subsidiary Telecel and state-owned firm NetOne.