Zimbabwe’s largest mobile network operator, Econet Wireless Zimbabwe Limited has reported a Data and Voice traffic increased by 80% and 37% respectively, while SMS traffic also increased by 57%, however, the future of SMS faces threat from the rising migration towards internet instant messenger services.
The Mobile Network Operator giant also recorded a 37% increase in revenues to ZWL$ 1.1 billion for the year ended 28 February 2019 compared to ZWL$ 831.6 million recorded in the prior year.
In a statement accompanying the financials, EWZ chairman Dr. James Myers said the company “continues to pursue data revenue growth initiatives in response to the increased use of internet services driven in part by the growth in adoption of smartphones by our customers, as the prices of these devices continue to fall.”
However, profit for the year decreased by 20% to ZWL$ 106.3 million compared to ZWL$ 132.3 million recorded in the prior year due to the unbundling of Cassava Smartech Zimbabwe Limited (CSZL).
During the period under review, the company reported challenges related to limited access to foreign currency, which impacted on drive towards capital investment in infrastructure development.
“This has a negative impact on our ability to sustain a comprehensive service offering as we transition to a digital economy,”
During the period under review, EWZ commissioned a total of 116 solar powered sites, thereby reducing generator run-time, fuel consumption and the related carbon dioxide emissions.
Total assets increased by 56% to ZWL$ 2.4 billion from ZWL$ 1.5 billion in the prior year.
On the outlook, Myers said demand for the Group’s products and services remains strong and will continue to focus on delivering life transforming solutions using our digital platforms will ensure that we create and enhance value for our shareholders.
“The Group will continue to collaborate with smart technology businesses in Cassava SmarTech for separate value creation objectives whilst recognising and leveraging the synergies that have historically existed between the two separate entities,”