Econet posts $70.56 million half year profits (August 2013)

Econet Wireless today announced their unaudited financial results for the half year to 31 August 2013. The telecoms and financial services company, which is the largest mobile operator in Zimbabwe by subscribers numbers and value of business, posted a profit after tax of $70.56 million for the half year. The after tax profit is down from $78 million for the 2012 half year. The main reason of the reduction in profitability, we’re told, is due to a rise in costs such licensing.

We live-tweeted the results Here are the other main points announced today:

• Total revenue for the half year was $376.6 million, up from $339.5 million in the same period last year
• Total investment into the network for the period was $85.4 million
• EBTDA is $165.3 million, up 8% from 152.8 million last year
• EcoCash, the company’s mobile money service, has had its subscribers grow by 76% to 3 million.
• EcoCash now has a total 7,000 agents in the country and according to the company, they keep adding on more agents to ensure all subscribers to the service have one close to them
• EcoCash has achieved 1.2 billion in transaction value over the last 6 months
• EcoCash now contributes about 10% total revenue to Econet Wireless Business as a whole
• The company has installed new Avaya call center infrastructure which, according to the CEO, Douglas Mboweni, is the best in Africa.