Zimbabwe’s state-owned fixed line telco TelOne has reported revenues of ZWL4.7 billion (USD13 million) for full year 2020, up from ZWL1.9 billion the year before, with the growth attributed to the increased demand for fixed broadband services during the COVID-19 pandemic. TechZim says that the firm registered an inflation-adjusted operating profit of ZWL532 million, with EBITDA up 2% at ZWL671 million. Subscriber numbers were up 14% year-on-year, while network usage increased 22%.
TelOne says it continues to be hampered by legacy loans which it inherited when it was created from the unbundling of the Zimbabwe Posts and Telecommunications Corporation in 2000. Although in 2019 the government pledged to assume the ZWL34.7 billion debt from the telco, this has still to happen. It is also owed ZWL680 million in unpaid fees by government and public sector offices.