Starcomms sees revenues soar on back of subscriber growth

18 Nov 2008

Starcomms has posted consolidated revenue of NGN27.1 billion (USD234.1 million) for the first nine months of the year, up 84% year-on-year. The results were boosted by 142% growth in the company’s active subscriber base, reaching 1.55 million at the end of September 2008. According to AllAfrica.com, the operator’s coverage footprint doubled with network expansion to 19 major cities, a total that is expected to increase to 31 cities, 20 states and 140 towns by the end of 2008. On a less positive note, EBITDA (NGN2.3 billion) and net income (NGN2.1 billion) both came in below expectations after increases in handset subsidy costs and dealer commissions.

Nigeria, Capcom Telecoms (formerly Starcomms)