Cell C profit up, reduces debt

South Africa’s third largest mobile phone operator, Cell C, has posted a rise in annual profit, boosted by an 8% increase in subscribers, despite tough competition from dominant players Vodacom and MTN Group. The firm, which is majority owned by Saudi Arabian group Saudi Oger, is increasingly seen as a potential takeover target. Cell C said that full-year earnings before interest, tax, depreciation and amortisation (EBITDA) surged to ZAR1.4 billion (USD183.8 million) compared to ZAR812 million in 2008/09. Revenue rose to ZAR9.9 billion from ZAR8.6 billion in 2008.