Econet Profit Up 265 Percent

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Econet Wireless Zimbabwe had a massive comeback in the year ended February 28, 2018 to post a profit after tax of $132, 3 million from the previous figure of $36, 2 million reflecting a phenomenal growth of 265 percent.

On the back of financial technologies, the company’s revenue during the period under review stood at $832 million.

“Looking at the composition of revenues, total revenue has increased by 24 percent. This was largely driven by our financial technology segment which comprises the results of Ecocash and Steward bank but also inclusive of Ecosure which has been doing extremely well.

“So 21 percent of this growth has come from financial technology business. So 21 percent out of the 24 percent which is 63 percent of the total growth has come from financial technology,” said Econet finance director Mr Roy Chimanikire addressing an analyst briefing.

He added that the Earnings Before Interest Taxation Depreciation and Amortisation (EBITDA) grew by 53 percent.

“If we look at our revenue we have experienced growth over the past few years in all revenue categories and we have also witnessed revenue in all our categories. We will see there by our EBITDA margin which has grown up to 53 percent. And our PAT margin has gone up by 265 percent.

“Basically, this demonstrates that implementing the measures that we had to implement in sustaining growth in business we have achieved exceptional results in terms of cost management strategies but also our revenue enhancement and performance measures within the business,” said Mr Chimanikire.

The company held a exhibition for its products and services which received positive reception from the public. Customers from as far as Chivhu attended the expo.

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