Econet Wireless Zimbabwe Limited

    Econet launched its network on 10 July 1998 and listed on 17 September 1998. In 2009 it became the first operator in Zimbabwe to launch 3G mobile data. Today it is the biggest network in Zimbabwe

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    153.00 +0.33 ( +0.22%)
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    Top Shareholders

      Name Shareholding(%)
    1 ECONET GLOBAL LIMITED 38
    2 STANBIC NOMINIEES (private) Limited 13
    3 STANBIC NOMINIEES (private) Limited (NRR) 10
    4 ECONET WIRELESS ZIMBABWE SPV Limited 5
    5 TN ASSET MANAGEMENT NOMINEES 5
    6 OLD MUTUAL LIFE ASSURANCE COMPANY 5
    7 NEW ARX TRUST C(NRR) 4
    8 AUSTIN ECO HOLDINGS LIMITED (NRR) 2
    9 STANDARD CHARTERED NOMINEES (private) limited 1
    10 NORTHUNDERLAND INVESTMENT (PRIVATE) LIMITED 1
    11 OTHER 16

    Company Info

    ECO.zw

    Company Research

    • Annual Reports
      Annual Reports
      ECONET EARNINGS UPDATE
      ECONET HY2023 EARNINGS UPDATE Sub-optimal tariffs drag Econet into losses… Econet’s revenue declined by 1% to $112.4bn as EBITDA dropped 17% to close at $52.2bn. The decline in revenue was attributable to frequent tariff reviews that continued to lag behind inflation and changes in CPI. Voice and data traffic grew 27% and 40% apiece but these increases were negated by tariffs which remain unaligned to the cost base of the business. Profit before tax declined by 84.59% to $5.45bn while, Profit after tax plunged 122.55% to close at a loss of $5.78bn. The increased tax burden from $9bn to $12bn in HY2023 and the rise in exchange losses by 2253.80% to $43.60bn affected the group’s profitability. Earnings per share went down 121.77% to -2.31 compared to 10.61 in 2022. Group’s total assets amounted to $377.44bn which was a 30.50% increase as total liabilities closed at $130.53bn. The current asset ratio for HY23 is at 1.06:1 down from a ratio of 1.27:1, meaning the company has less resources to cover their short-term liabilities.

       

    • Interim Results
      Interim Reports
      ECONET EARNINGS UPDATE
      ECONET HY2023 EARNINGS UPDATE Sub-optimal tariffs drag Econet into losses… Econet’s revenue declined by 1% to $112.4bn as EBITDA dropped 17% to close at $52.2bn. The decline in revenue was attributable to frequent tariff reviews that continued to lag behind inflation and changes in CPI. Voice and data traffic grew 27% and 40% apiece but these increases were negated by tariffs which remain unaligned to the cost base of the business. Profit before tax declined by 84.59% to $5.45bn while, Profit after tax plunged 122.55% to close at a loss of $5.78bn. The increased tax burden from $9bn to $12bn in HY2023 and the rise in exchange losses by 2253.80% to $43.60bn affected the group’s profitability. Earnings per share went down 121.77% to -2.31 compared to 10.61 in 2022. Group’s total assets amounted to $377.44bn which was a 30.50% increase as total liabilities closed at $130.53bn. The current asset ratio for HY23 is at 1.06:1 down from a ratio of 1.27:1, meaning the company has less resources to cover their short-term liabilities.