Online Reporter
ECONET Wireless Zimbabwe says it recorded a 20 percent growth in revenues for the full year to February 2023, on the back of improved voice and data usage.
In a statement accompanying the group’s full-year results to February 2023, group chairperson, Dr James Myers, said the growth is attributable to a 19 percent improvement in voice and 58 percent in data usage.
Econet said it partially benefited from tariff adjustments, which were granted by the Postal and Telecommunications Regulatory Authority of Zimbabwe (Potraz) during the year under review.
Despite the growth in the group’s income on account of usage, Econet said its earnings before interest, taxation, depreciation, and amortisation (EBITDA) margin decreased from 52 percent to 40 percent for the year under review.
“The disparity between the revenue growth and EBITDA margin is reflective of the sub-economic tariff environment coupled with accelerated exchange rate depreciation.
“The group incurred exchange losses of $77 billion, which translated to 23 percent of revenue against a prior year comparative rate of six percent of revenue,” said Dr Myers.
During the period under review, Econet invested US$66 million, as part of its network modernisation programme.