Telekom Networks Malawi (TNM), the country’s second largest mobile operator by market share, crossed the two million customer mark in July, Nyasa Times reports, citing a company statement. ‘Over the years TNM has made significant strides in the market which has resulted in this achievement,’ commented the company’s managing director Willem Swart, who added that subscriber growth has been driven by the launch of new products, including ‘Mtolo’ voice and data bundles, as well as the revamp of its corporate service plans. TNM was awarded a mobile licence in 1995 and launched a GSM-900/1800 network in December that year, but the cellco did not sign up its one millionth subscriber until 2010. The operator competes with Airtel Malawi, a subsidiary of Indian telecoms group Bharti Airtel.
Meanwhile, TNM has announced its financial results for the six months ended 30 June 2013, reporting service revenues of MWK11.642 billion (USD35.1 million), an increase of 59% from MWK7.332 billion in the year-ago period. EBITDA rose 55% year-on-year from MWK2.387 billion in the first half of 2012 to MWK3.702 billion twelve months later. Total finance charges of MWK1.44 billion (including foreign exchange losses of MWK220 million) were MWK739 million higher than the year-ago period. TNM said that foreign exchange losses and higher finance charges continued to have an impact on net profit, which totalled MWK558 million in 6M13, an increase of 38% year-on-year. For the remainder of the year, TNM noted that ‘the performance of the company is expected to continue to improve and exceed the results of the previous financial year.’