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Econet Wireless declares $13.3 million dividend

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Local mobile network operator Econet Wireless will pay out $13.3 million to its shareholders from profits generated for the financial year ended 29 February 2016.

A dividend of 0.9 cents per share was declared and according to Econet, it will be payable to all shareholders on or about the 12th of August 2016.

This becomes the third consecutive dividend to be declared by the operator following last year’s $15 million profit share.

In the past year, Econet registered an after-tax profit of $40 million and revenues of $641 million. These figures highlighted a decline in performance from the previous year’s $70 million profit and $746 million in revenue as the operating environment for telecoms operators becomes increasingly challenging due to receding revenue streams like voice.

Despite macroeconomic and regulatory pressures Econet has maintained its position as Zimbabwe’s largest telecoms operator with revenues currently being buoyed by its mobile financial services arm EcoCash as well as broadband services.

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