Zimbabwe and regional technology news and updates



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Cassava SmartTech Contributed To 39% Of Econet’s Revenues From February To August

If you’ve been following the news you’ll probably know that Econet Wireless is unbundling with Cassava SmartTech and if the Econet Wireless Zimbabwe half-year financial results are anything to go by then it seems the company is raking in dollars. Cassava SmartTech’s revenue for the first 6 months of Econet’s most recent financial year (February […]

Mobile Network Operators Show A Revenue Growth Trend But It’s Not That Simple…

If anyone would be happy about the 4th quarter Potraz report is a shareholder because the revenue in the sector has significantly improved from the last quarter. The 4th quarter of 2017 is remembered for the political transition that took place in Zimbabwe, chronic shortages of cash and highly volatile exchange rates both in the […]

NMBZ records half-year profit before tax of $4,8 million (Press Release)

NMBZ Holdings, NMB Bank’s holding company, recorded a profit before tax of $4 838 174 for the half-year ended June 30, 2017, resulting in total comprehensive income of $3 556 915. This was an increase of 35 percent compared to the same period last year, when comprehensive income stood at $2 640 274. The group […]

TelOne in $25 million loss. Burdened by old PTC loans

TelOne made a loss of $24.9 million dollars in 2016, the company’s annual financial results reveal. Announced today, the results show that the company is burdened mostly by loans from a long time ago when it was still Posts a Telecommunications Communications ( PTC ). Those loans amount to $231 million and they brought with […]

Econet annual profit down to $36 million

Econet released its annual financial results today. The company’s profit for the year, as generally expected, declined. This time by 10% to $36.2 million from $40.2 million the previous year. Revenue was also decreased from $641 million to $622 million. EBDTA (which stands for earnings before interest, taxes, depreciation and amortization) also declined 6.4%. to $224 million from US$238.4 million. EBIDTA essentially shows the company’s earnings […]

What the banks made in 2016. Here’s a list of some of Zimbabwe’s most profitable banks

It’s that time of the year when banks are announcing their annual financial results. So far, CABS, POSB, EcoBank, Metbank, Stanbic, NMB, Agribank, BancABC and FBC have all reported profits. The only bank that didn’t make a profit is NBS, understandably because the bank is new. Agribank apparently made the first profit in 7 years (2009 was the […]

FBC in $21.9 million profit

Local financial institution, FBC Holdings, made $21.9 million after tax profit in 2016, according to the company’s financial results announced yesterday. The bank joins other banks in presenting very positive financials for last year, despite harsh economic conditions for companies and consumers especially around the lack of cash at banks. FBC’s after tax profit is up 21% from the previous year. The […]

Econet announces 37% drop in profits in 2016 half year results

Econet Wireless Zimbabwe has announced in its financial results that profits dropped 37.14% in the half year to 31 August 2016. The profit after taxation stood at $14.9 million compared to $23.8 million in the same period last year. In his statement to shareholders, board chairman James Myers said the profitability was affected by decline in revenues, itself […]

Zimpapers’ HY results and the challenges of a digital future the company faces

When Zimpapers, Zimbabwe’s largest media company, announced its half year results two months ago, it reported a US $20,000 loss. Shortly after, the company apparently uncovered an error in its tax accounting for the period and had to adjust the accounts, effectively pulling itself out of the loss all the way up to a US $1.9 million profit. The company […]

Understanding Econet as it prepares for the half year results. What does the future look like?

Does Econet get the internet? Looking at the Tengai experience (it hasn’t been restored more than 2 months later), a strange EcoShopper product, and the long silence on ipidi you get a sense of how much Econet is prepared for business at this level.

MTN releases 2014 annual results: US $12.8 billion revenue. Growth slows down

MTN has just started announcing their 2014 annual financial results. The company continued to perform well last year, after a good half year. Total revenue for the year was R146.2 billion up 6.4% from the previous year. Based on today’s exchange rate, that’s US $12.8 billion revenue for the year. The group’s total subscribers across the 21 […]

iWayAfrica Zimbabwe now in the green. New products doing well, says source

In an article we posted earlier today about Gondwana’s new deal with SevenC Computing to have iWayAfrica Zimbabwe introduce new managed IT services, we indicated that iWayAfrica has had “lacklustre performance in recent years”. This, based on the $55,000 loss they made in 2012. A source close to iWayAfrica Zimbabwe sent us an email to provide more facts and to point us to […]

Econet Results: Data and EcoCash revenues growing, overall revenue growth slows

Econet today released their financial results for the year ended February 2014. The results indicate that Econet Wireless posted $119.4 million profit which is definitely impressive, in an economy like ours. Whilst overall key indicators like revenue showed weak growth, Data and EcoCash revenues were the most impressive indicators for Econet. As expected, data revenues […]

Econet Wireless Zimbabwe posts firm results with dividends for shareholders

Econet Wireless Zimbabwe announced its financial results today for the period ending February 2014. The financial services and telecoms company is the country’s largest mobile services provider by subscriber number and provides a host of services through its network and financial institution, Steward Bank. After tax profit for the period stood at $119.4 million. $20 million […]

Econet announcing results today, apparently the media is not invited

Zimbabwe’s leading mobile operator Econet Wireless is set to announce its annual results up to March 2014 but we are told the media will not be part of the announcement. A source has told Techzim that Econet Wireless is expected to announce their annual results today afternoon at Conquenar House in Eastlea in an announcement only […]

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 […]

Econet Wireless Zimbabwe full year profits down by 16%

Today, Econet Wireless Zimbabwe, the company that has the lion’s share of the mobile telephony & broadband business in Zimbabwe, announced at a press briefing their annual financial results the period ending February 2013.

EcoCash by the numbers: now handles $70 million monthly

Yesterday, Econet announced its interim unaudited results for the 6 months ending 31 August 2012. The one product mentioned again and again and one the Econet leadership confirmed was their most exciting product, even comparing it to the introduction of prepaid, was EcoCash. The highlight stats of the product are that US $70 million worth […]

Econet interim results: US $78 million in after tax profits

We just came from an analysts briefing in Harare where Econet Wireless Zimbabwe presented their interim results ending 31 August 2012. We live tweeted the briefing on our @Techzim stream. The one thing clear strategically at the briefing was the role of EcoCash in the new Econet. In fact, the CEO Douglas Mboweni, even said […]

Econet Wireless Zimbabwe annual profit rises 18% to US $166 million

Econet Wireless Zimbabwe, the country’s largest telecoms firm, announced today its full year financial results for the period ended February 2012. An update posted by Bloomberg the company’s annual profit after tax has risen 18% from US $140.9m last year to $165.7 million this year.

Here’s a summary of other announcements made at the briefing today:

Econet posts mega profits, grows subscribers base to 5.5 million

Econet has just released its financial results for the full year to February 2011. It’s another mega profits year for Zimbabwe’s largest telecoms firm; profits after tax for the period stand at US$140.9 million this year, up 24% from last year’s results.

Econet Subscribers Now 4.6 Million, Targets 5 Million By Christmas

This week, Econet Wireless reached another milestone in its mission to consolidate its top position as the biggest (and most profitable) telecommunications company in Zimbabwe.