Zimbabwe's Econet rings in $166 million profit

Zimbabwe’s biggest mobile phone network provider Econet Wireless Zimbabwe has recorded a profit after tax of $165.7 million for the year ended February 29, 2012, chairman Tawanda Nyambirai said on Wednesday.

The figure represents an 18 per cent increase from the $141 million earned the previous year.

"Revenue for the year was $611.1 million, representing growth of 24 per cent from the previous year. The EBITDA increased by $48.1 million to $290.8 million, an increase of 20 per cent," Mr Nyambirai said.

EBITDA stands for earnings before interest, taxes, depreciation and amortization.

Presenting the financial results to shareholders, Mr Nyambirai said the group maintained its pole position with over 70 per cent of the mobile market share, with subscribers increasing by 16 per cent during the year to close at 6.4 million.

He attributed the country's large mobile penetration rate of 74 per cent – which has surpassed those of many countries in the region – to investments largely made by his company.

The company has, however, not yet declared a final dividend for the year pending conclusion of a syndicated $307 million loan facility with some international banks.