Econet declares $50m dividend

Econet declares $50m dividend
Published: 05 March 2018 (547 Views)
TELECOMMUNICATIONS operator, Econet Wireless, has announced a dividend of $50 million for the nine months ended November 30, 2017.

"The company has declared a dividend of 0.93 cents per share for the third quarter ended 30 November 2017. The total dividend declared for the nine months ended 30 November 2017 now stands at $50 million, equivalent to $1.9 cents per share," said Econet Wireless in a dividend notice.

The company's major shareholders are Econet Wireless Global, Stanbic Nominees and Econet Wireless Zimbabwe, with a shareholding of 30.02 percent, 17.23 percent and 13.19 percent respectively.

Econet's secretary Mr Charles Banda said shareholders will receive their dividend in March while foreign shareholders payments will be subject to exchange control approval and payment guidelines for foreign remittances.

Forex shortages in the country have in the past resulted in delayed profit and dividend payments to international shareholders and this has affected many big companies.

"Foreign shareholders should appoint or make their own arrangements with a local bank of their choice to receive dividend on their behalf and to facilitate remittance to them," said Mr Banda.

The company posted 17 percent growth in revenue to $353 million for the half year ended August, 31, 2017.

In the period under review, the group reported a 228 percent increase in profits to $49 million from $14. 9 million the previous year.

Econet's, major competition are other telecom players NetOne and Telecel Zimbabwe, both of which continue to push their own mobile money and data offerings.

Last year, the company introduced Kwese TV in its product line and recently Kwenga, a service which enables individuals to carryout swipe transactions from as little as 50cents.

Econet Wireless Zimbabwe has invested $1.2 billion in different projects across the country with its subscriber base clocking nine million in 2014.


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