Econet revenue up 17pc

after-tax profit only surged by 5 percent.
“There was 24 percent growth in subscribers to seven million, which resulted in a 17 percent increase in revenue underpinned by growth in subscribers and usage of our services. There was a small after-tax increase of 5 percent,” he said.
Operating profit increased to US$120 million from US$110 million while after-tax profit came in at US$78 million from US$73,9 million, in the comparative period last year. Basic and diluted earnings per share at US0,46c were little changed from US0,44c achieved in the cor-responding period last year.
While voice still leads in revenue contribution, chief executive Mr Douglas Mboweni said Econet was excited about growth in data, value added services and overlay services. Data grew 50 percent on a year-to-date basis.
He said EcoCash, which falls under VAS, could become a separate product worldwide, but ruled out the possibility of immediately making EcoCash a stand-alone unit.  There has been phenomenal growth in revenue and subscriber numbers on EcoCash, which was introduced in October last year.
The mobile money transfer represents yet the most exciting prospect for Econet going forward, having outdone its Kenyan forerunner M-Pesa in its first year in the market.
Thus far, said Mr Mboweni, a total of US$70 million was transferred through EcoCash while more than US$300 million has been transferred using the mobile banking system.
As demonstration of its ability to create value for shareholders, Econet has distributed a cumulative US$74 million to shareholders and up to US$104 million has been used to buy back its own ordinary shares on the market.
Going forward, Econet Wireless sees continued growth in voice, data and overlay services, with the latter seen continuing its growth in terms of average revenue per user.
Econet will be looking to receive from its suppliers more efficient equipment, proving seamless service at a fraction of the cost of the previous equipment it imported. It is the biggest investor in the history of Zimbabwe and has sunk in a whopping US$1 billion since its inception, with US$700 million of that invested in the last three years.
Econet has contributed immensely in growing mobile usage penetration rate now perched at 90 percent and expected to hit the 100 percent threshold in a matter of a few months. Mr Mboweni said the giant telecommunications firm took pride in being a leader in providing innovative, inspiring and transforming products and services on the market.
“Technology with no impact on people’s lives is meaningless. We believe in leadership in terms of not just innovation, but also putting on the market place inspiring products that are transforming,” said Mr Mboweni.