Econet Wireless Zimbabwe has reported a 3.0% drop in annual revenues for the year to end-February 2017, from USD641 million to USD622 million. EBITDA fell 6.4% to USD224 million, while net profit was down 10%, from USD40.2 million in FY 2015/16 to USD36.2 million a year later. The firm attributed the declines to a slowdown in consumer spending due to Zimbabwe’s faltering economy. Econet said that while voice revenues were down, income from data and financial services increased last year, and now accounts for 32% of overall sales, up from 6% five years ago.
Econet Wireless is the largest mobile operator by subscribers in Zimbabwe, claiming almost 50% of overall subscribers at the end of March 2017, with state-backed rivals NetOne and Telecel accounting for the remainder. The cellco’s chairman, Jim Myers, commented: ‘Our innovation, effective market segmentation and solid infrastructure has enabled us to maintain a leading position in the market.’