Liquid Telecom released its financial results for the year ended 29 February 2020, which showed strong performance for its South African operations.
Liquid Telecom is a leading communications solutions provider across 13 countries primarily in Eastern and Southern Africa.
It serves mobile operators, carriers, enterprise, media and content companies, and retail customers with high-speed, reliable connectivity, hosting, co-location, and digital services.
It has built Africa’s largest independent fibre network of over 70,000km and operates data centres in Johannesburg, Cape Town, and Nairobi with a combined potential 19,000 square metres of rack space and 78MW of power.
Liquid Telecom’s full-year revenue was up 17.5% on prior year at $785.7 million, driven by strong wholesale data performance in South Africa.
The company said it saw continued growth in its South African business, helped by a number of significant contracts signed in the final quarter of the year in the wholesale data segment.
“In addition, the 4G roaming contract signed at the end of 2018-19 commenced in the year providing nine months of monthly recurring revenue (MRR) in the period for South Africa,” it said.
The strong performance in South Africa helped to increase Liquid Telecom’s EBITDA outside Zimbabwe by 38.9% compared with the previous year.
Reshaad Sha leaving the company after successful turnaround
Behind Liquid Telecom South Africa’s strong performance is the successful turnaround strategy, which started in 2018 under CEO Reshaad Sha.
Sha announced the company’s new digitally-enhanced operating model in October 2018, which included the automation of many tasks.
Sha also oversaw the successful growth of digital services and the rollout of enhanced network services for enterprises and consumers across the country.
This strategy was implemented successfully, and the results are now coming through in the company’s financial performance.
After the successful turnaround of Liquid Telecom South Africa, Sha said he is now ready for a new venture in the artificial intelligence space and has subsequently resigned as CEO.
Sha told MyBroadband he will now run BriteGaze, which is set to launch on 10 October 2020.
BriteGaze is a fund that will be used to grow businesses that are committed to building capabilities around artificial intelligence.