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Monday, Oct 21st

Zimbabwe's NetOne records US$10,2-million profit

Zimbabwe' NetOne recordsUS,2-million profit

State-owned mobile telecommunications company, NetOne, recorded profit of US$10,2-million for the year ended 31 December 2018, as a result of improved income from data.

At the company's recent AGM, chief executive officer Lazarus Muchenje confirmed a revenue increase of 13% to US$119,1-million, up from US$105,5-million.

Netone Chairman James Mutizwa said, "Data contribution to the revenue firmed from 26% to 37% indicative of shifting customer needs and preferences supported by our increasing social media engagement."

He added, "Network availability is operating optimally at 99% from 95% prior to April 2018. The improvement in the network quality has been a result of re-farming of 137 2G sites across the country, thereby availing 3G services to these areas without the need to invest in additional hardware."

During the period under review, the company's subscriber base increased by 25% to 3.3 million from 2.6 million previously.

Earnings before income tax depreciation and amortisation (EBITDA) was at US$ 38,2-million from US$15,1-million in the previous year.

NetOne's mobile financial service platform, OneMoney recorded a 2.5% growth in market share ... it jumped by 37.7 % to 2.5 % last year as 1.2 million people subscribed.

Muchenje said, "The year commenced with a focus on narrowing the liquidity gap, I am pleased to report that the company has made strides in doing so with a major milestone being the reduction of negative working capital by 74% from US$ 228,6-million to US$ 59-million over the year to December 31, 2018."

He added, "Because the health of our balance sheet matter, Netone's primary focus is to narrow the liquidity gap and restore value of the entity, which has been earmarked for partial privatisation."

Privatising TelOne and NetOne is part of Zimbabwe's Transitional Stabilisation Programme that advances President Mnangagwa's Vision 2030 to transform the country into an upper middle income economy.

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