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.
conet CEO Douglas Mboweni, said today Econet will commission its fibre-optic cable system in the major cities by March this year. ‘Major cities’ here probably refers to Harare and maybe Bulawayo. He made the revelation in an update of the network upgrade work that has been going on since the start of 2009. He confirmed that the upgrade work is nearing completion and a bundle of services should start rolling out in the next few weeks.
Explaining why it took more than a year to complete the work he said:
The process of raising money, ordering equipment, and bringing in contractors to build and install equipment takes time. In our case, we were not only expanding capacity but also replacing obsolete equipment that had not been replaced in 10 years. It was like starting from scratch.