Econet posts strong FY results as economy improves

21 Apr 2011

Econet Wireless Zimbabwe has posted revenues of USD493.5 million for the twelve months ending February, up 36% year-on-year. A 37.5% increase in subscribers, from 4 million to 5.5 million, was the main driver of growth. EBITDA came in at USD242.7 million, up 35%. Econet says it has spent USD430 million during the last two years in order to expand its network, following a decade-long collapse of the Zimbabwean economy.