Telecom Namibia’s turnover up 7.7%, raises CAPEX budget

25 Jun 2013

Telecom Namibia has released its full financial report for its fiscal year ended September 2012, in which it posted turnover of NAD1.2 billion (USD116 million), up by 7.7% or NAD80 million, the highest rate of increase since 2003, driven by rising demand for services (unlike the growth in 2003, which was partly fueled by price increases, the telco notes). The company’s operating profit rose by 29% to NAD127 million in FY12, while the operator spent CAPEX of NAD235 million in the full-year period. Telecom Namibia’s Managing Director, Frans Ndoroma, said: ‘This positive growth is attributed mainly to increased uptake of Telecom Namibia’s broadband offerings off the back of capital investments amounting to NAD746 million since 2009 – amongst others, fibre networks, both undersea and terrestrial.’ Having subsequently acquired cellco Powercom (Leo), the CAPEX budget for 2013 – which includes the rollout of 3G/4G mobile infrastructure – was raised to NAD400 million (USD39 million), Ndoroma announced, while adding that ‘Telecom Namibia will be sourcing new funding in the capital markets.’ Since 1992 Telecom Namibia says it has made capital investments amounting to NAD3.15 billion ‘without any government subsidy’.

Namibia, Telecom Namibia (incl. TN Mobile)