Econet’s H1 net profit up 16% on 24% sales hike

6 Oct 2011

Mobile operator Econet Wireless Zimbabwe has posted a 16% increase in net income in the first six months of its fiscal year 2011/12. After-tax profit reached USD74 million in the period March-August 2011, up from USD64 million in the same period of last year, on six-month revenues which rose by 24% year-on-year to USD291 million. Zimbabwe’s cellular market leader reported that its subscriber total reached 5.5 million at the end of August, up from 4.6 million twelve months earlier, although TeleGeography’s GlobalComms Database notes that it suffered a dip in the total earlier this year, due to a pre-paid registration scheme which saw 1.4 million unregistered Econet SIMs disconnected.