Econet welcomes Mnangagwa's approach

Econet welcomes Mnangagwa's approach
Published: 30 May 2018 (1123 Views)
Econet Wireless Zimbabwe said it welcomes the approach ushered in by the President Emmerson Mnangagwa government to focus on driving investment in the economy as an enabler to economic growth and job creation. It said it is more than ready to play our part in working towards a more prosperous Zimbabwe, Business Daily reported.

This statement is in Econet's 2018 full year results release.

Econet released a buoyant set of results as the group reported a giant leap in profitability to $132 million for the year to February 2018 from $36 million largely driven by fintech. Fintech revenue was up 120% to $244.7 million while data revenue rose 18% to $144.8 million.

According to management, "Austerity measures that we started implementing in 2015 have yielded exceptional results, resulting in the improvement of our margins."

The EBITDA margin firmed to close the year at 41%, an increase from 36% in the previous year. The debt to equity ratio of the Group is now 8% against a prior year comparative of 18%. The Company no longer has exposure to any foreign currency external US$ denominated amortising debt, following the Rights Offer.

The capital expenditure to revenue ratio increased to 12% against a prior year comparative of 5% mainly driven by critical network acquisitions to improve service delivery. The increased expenditure was partly to address the under-investment from the previous period.

The Company has declared a final dividend of 0.3927 US cents per share amounting to US$ 10 million for the year ended 28 February 2018. The total dividends declared for the year amounts to US$ 60 million, equivalent to 2.3562 US cents per share.

Management said, "20 years later, we now have a resilient business anchored on our robust business model. A business model which we have replicated across different industry sectors with remarkable results. Our customers have validated the strength of this business model by their increasing confidence in our products and services and this is demonstrated in these results. It takes time and patient effort to build businesses that are founded on strong foundations. As we continue to refocus our business, and develop solid foundations for our new businesses, we are confident that our technology driven approach to agriculture, health, education, commerce, media and insurance will yield increasing value for our shareholders."

- businessdaily.co.zw

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Knox Mutizwa wins August Goal of the Month award

by kickoff | 05 November 2018 | 844 Views

BREAKING: Gandawa on the run

by Staff reporter | 05 November 2018 | 1625 Views

Econet cannot distribute Kwese TV content to Zimbabwean viewers

by Staff reporter | 05 November 2018 | 1237 Views

Shoot-out robbers arrested

by Staff reporter | 05 November 2018 | 1280 Views

Mnangagwa ally warns economic saboteurs

by Staff reporter | 05 November 2018 | 1237 Views

Chamisa mobilises supporters for mass protests

by Staff reporter | 05 November 2018 | 1021 Views

LISTEN: Acie Lumumba speaks on how he got paid

by Staff Reporter | 05 November 2018 | 845 Views

Dzamara speak on Zanu-PF fights

by Mandla Ndlovu | 05 November 2018 | 815 Views

Minister Raj Modi Modi donates salary

by Mandla Ndlovu | 05 November 2018 | 688 Views

'I am a Trillionaire' Magaya says

by Mandla Ndlovu | 05 November 2018 | 1089 Views

Supermarkets to be blacklisted over cooking oil

by Mandla Ndlovu | 05 November 2018 | 698 Views

UK army to recruit from Commonwealth

by BBC | 05 November 2018 | 746 Views

Magaya opens up on arrest

by Mandla Ndlovu | 05 November 2018 | 742 Views

Kambarami is still 'Deputy Mayor'

by Mandla Ndlovu | 05 November 2018 | 602 Views

'Import ban must not go beyond December 21'

by Staff reporter | 05 November 2018 | 693 Views

Prophet Magaya puts fresh spin to arrest

by Staff reporter | 05 November 2018 | 698 Views

Chamisa's sign language interpreters get thumps up

by Staff reporter | 05 November 2018 | 686 Views

Mnangagwa to review Mthuli Ncube's 2% tax again

by Staff reporter | 05 November 2018 | 658 Views

Lumumba to be probed by ZAAC?

by Staff reporter | 05 November 2018 | 487 Views

Dzamara speak on ZANU PF fights

by Mandla Ndlovu | 05 November 2018 | 449 Views

Zimbabwe as a new gateway into Africa

by Minister of Finance Prof Mthuli Ncube | 05 November 2018 | 665 Views

Chiwenga's ex-wife looted millions

by Mandla Ndlovu | 05 November 2018 | 1048 Views

We are our own worst enemies

by Mapozho Saruchera | 05 November 2018 | 722 Views

Mnangagwa to deal with unexplained wealth and bank deposits

by Staff reporter | 05 November 2018 | 678 Views

WATCH: Chiwenga talks about Prophet Walter Magaya's lipstick

by Staff reporter | 05 November 2018 | 666 Views

Lumumba Saga takes new twist....War vets bay for Mutsvangwa's blood

by Mandla Ndlovu | 05 November 2018 | 739 Views

Chamisa demands Presidency

by Mandla Ndlovu | 05 November 2018 | 629 Views

Zimbabwean teachers miss out on New Zealand opportunity

by Staff Writer | 05 November 2018 | 570 Views

Zimbabwe to introduce e-provisional driver's exams

by Staff reporter | 05 November 2018 | 616 Views

Zimbabwe to supply water to South Africa

by Staff reporter | 05 November 2018 | 613 Views

Mnangagwa claims that 'good times will soon roll'

by Staff reporter | 05 November 2018 | 583 Views

Zimbabwe as a new gateway into Africa

by Hon. Prof Mthuli Ncube | 05 November 2018 | 667 Views

Chiyangwa appoint Karikoga Kaseke

by Staff reporter | 05 November 2018 | 584 Views

ZCTU demo: Ruling today

by Staff reporter | 05 November 2018 | 535 Views

Missing cop found dead

by Staff reporter | 05 November 2018 | 663 Views

Tagwirei marries long-time girlfriend

by Staff reporter | 05 November 2018 | 1022 Views

Zimbabwe relaxes maternity leave entitlement

by Staff reporter | 05 November 2018 | 626 Views

Zimbabwe to receive drugs, ambulances from India

by Staff reporter | 05 November 2018 | 549 Views