Econet near-trebles subscribers in a year

4 Nov 2010

Zimbabwe’s largest cellco by users, Econet Wireless, has posted a 79% year-on-year rise in its fiscal first-half revenues to USD236 million in the six-month period ended August 2010, boosted by unprecedented subscriber growth and the continued recovery of the country’s economy. Net profits increased to USD64.3 million in March-August compared to USD41.4 million in the year-ago period. Econet near-trebled its subscribers to 4.59 million at the end of August, from 1.65 million a year earlier. According to its statement, the company invested USD122 million in its networks over the six-month period, including preparations for the relaunch of 3G and WiMAX services which it completed in October.