Telecel Zimbabwe, the third largest mobile network in Zimbabwe has not found it as a walk in the park lately since January 2021 financial Perfomance.
The company that has been suffering brain drain, lack of investment and struggling to strategies way out of the doldrums has been singing the blues with their financials heading south.
The recent financials gleaned by TechnoMag reflect a major drop, with ballooning costs and expenditures galloping their dwindling revenues.
Telecel Zimbabwe recorded a loss of $8 195 million from a gross profit of $44 446 million which was destroyed by total operational costs of $52 641 million.
The once mobile giant has been licking their wounds like a wounded lion that has had its domain taken over by a more powerful king in this case the likes of Econet who have been dominating year in year out despite their exorbitant charges and worse even the troubled Netone entangled in mishaps over CEO Lazarus Muchenje have even fared better than Telecel Zimbabwe.
Telecel seemingly has suffered a shortage of common sense to turn it around with no pragmatic solutions and what used to be the fastest growing and most promising mobile network in Zimbabwe is now a shadow of its formerself.
Since Vimplecom pulled out of Telecel Zimbabwe, the company has been on a free fall and no one really seems to care!
Telecel ZWL ‘ TOTAL REVENUE WAS 67 857 00 FROM A BUDGET OF 85 848 000 WHOSE VARIANCE WAS 17 991 00 A MINUS 27 % PATHETIC RIDE TO BRING HOME.
Actual gross margin was 65 % whose budget was 66 % with a 0% variance whilst actual total operational cost was 52 641 budgeted at 73 336 and a variance of 20 695.
Telecel Zimbabwe will soon become another National Railways of Zimbabwe, another Zisco steel, another CSC, mainly because there is strong appetite to destroy functional State owned enterprises and those in charge do not just care.