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TelOne Records 147% Revenue Growth

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TelOne Board Chair Dr. Douglas Zimbang

Telecommunication giant, Telone, has recorded a 147 percent growth in revenue to reach ZW$4.7 billion in 2020 from ZW$1.9 billion in 2019 propelled by an upsurge in demand in broad band services.

In a statement, Telone attributed the growth in revenue to the demand for Home Broadband services which was driven by the COVID-19 induced remote working model(tele-working) adopted by many corporates, accompanied by an increase in online shopping and e-learning.

“Revenue increased by 147%, in inflation adjusted terms from ZW$1.9 billion in 2019 to ZW$4.7 billion in 2020 owing to a 14% increase inbroad-band subscribers coupled with a 22% increase in usage.

“The upsurge in demand for Home Broadband services which was driven by the COVID-19 induced remote working model(tele-working) adopted by many corporates, accompanied by an increase in online shopping and e-learning.”

The company further managed to post adjusted operating profit of  ZW$523million from ZW$449million in the previous year despite the effects of Covid 19 pandemic.

“Despite the slowdown in the economy due to the COVID-19 pandemic, the company managed to post an inflation adjusted operating profit of  ZW$523million from ZW$449million in the previous year, building on the strong performance recorded in the inaugural year of the Telecommunication Media and Technology (TMT) strategy in 2019.”

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