mCel profits rise 58% in 2008

17 Aug 2009

Mozambique’s incumbent mobile operator, mCel, has posted net profit of MZN548 million (USD20.76 million) for the full-year 2008, up 58% year-on-year from MZN348 million in 2007. mCel CEO Gomes Zita said: ‘With the exception of the 2004 financial year, when net profits of MZN660 million were posted due to currency exchange gains, 2008 was our most successful term in the last five years.’ Revenues jumped from MZN5.83 billion in 2007 to MZN7.09 billion a year later. The operator’s subscriber base grew 36% over the course of the year to 3.1 million compared to just over 2.3 million at the end of 2007. The company estimates that its market share at the end of 2008 was 69%, up 3% year-on-year.

Mozambique, mCel, Mocambique Telecom (TMCEL, formerly TDM, mCel)