Econet Zimbabwe sees full year sales slip 14%

1 Jun 2016

Econet Wireless Zimbabwe has reported revenues of USD641 million for its financial year to end-February 2016, down 14% on the year-earlier period. EBITDA fell from USD286 million to USD238 million, while net profit dropped to USD40 million, from USD70 million in 2014/15. According to local news portal TechZim, broadband services contributed 18% of overall revenues, up from 14% the previous year, while EcoCash mobile money services brought in USD87 million compared to USD73 million in the prior year. Capital expenditures for the year to end-February 2016 stood at USD83 million, down from USD125 million twelve months before. Econet had 6.7 million active mobile customers as of 31 December 2015, according to TeleGeography’s GlobalComms Database.

Zimbabwe, Econet Wireless Zimbabwe (incl. ZOL, Liquid Telecom)