Sudatel revenue, profit hit by currency devaluation
18 April 2019
Sudatel Telecom Group has reported revenue of USD325.6 million for the twelve months ended 31 December 2018, a decrease of 36.6% from USD513.2 million the previous year. Net profit totalled USD32.2 million, down from USD45.0 million in 2017, with the firm noting that its financial performance was affected by currency devaluation.
Sudatel noted that in October 2018 the operations of 72%-owned subsidiary Intercel Guinea were discontinued ‘as per the instructions of the Ministry of Communications’, on the basis that the company was not able to fulfil its obligations under its telecoms licence. In February 2019 a local court appointed an administrator for the liquidation of the operator.
‘We adopted a very clear strategy of partnering with successful international firms to expand our operations both in Sudan and in West Africa. This strategy is serving us well and will be continued,’ Sudatel Chairman Dr. Fadul Abdalla Fadul was quoted as saying.