Econet posts financials, claims 233% subscriber growth in a year

Econet Wireless Zimbabwe claims that its mobile subscriber base increased by 233% in the twelve months ended 31 March 2010, from 1.2 million to four million. The GSM operator also released results for its financial year to the end of February 2010, its first full year since it changed its functional currency from the Zimbabwean dollar to USD in January 2009. In the twelve-month period Econet recorded annual revenues of USD362.8 million, up from USD88 million in the previous year. It also posted EBITDA of USD179.3 million (up from USD27 million a year before), operating profit of USD158.2 million and net profit attributable to shareholders of USD114.6 million (compared to a previous net loss of USD2 million). Network equipment CAPEX was USD160 million, up from USD124 million the year before, with USD300 million in CAPEX planned for the current financial year ending February 2011. In the twelve months to end-February 2010 Econet commissioned two new switching centres, with two switches now operating in Harare and one in Bulawayo; it also expanded GPRS and EDGE services across the country. Meanwhile, its 3G services currently restricted to the capital are being expanded to all major cities and resorts, with Econet intending to switch on the expanded coverage before the 2010 football World Cup being hosted by South Africa in June/July.