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Econet profits up 266% after austerity measures

Econet Mobile
Econet Mobile

from DANAI MWARUMBA in Harare, Zimbabwe
HARARE – ECONET Wireless (EWZL) Zimbabwe has registered an almost 266 percent increase in profits after tax to US$132, 9 million for the year ending February 28, 2018.

This comes on the back of cost-cutting measures implemented three years ago.

The increase is from profits recorded in the previous year.

James Myers, EWZL chairman, said the mobile operator was remodelling and optimising its business to enhance shareholder value.

“Austerity measures that we started implementing in 2015 have yielded exceptional results, resulting in the improvement of our margins,” Myers said in a statement accompanying the company’s financial results.

Earnings before interest, tax, depreciation and amortisation (EBITDA) closed the year at 41 percent, up from 36 percent.

Revenue increased to $832 million, largely driven by strong performance across all subsidiaries.

This is on the back of robust investment in the telecommunications infrastructure to drive digital delivery, creation of more technological products and services and the creation of Kwese TV.

– CAJ News










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