More Africa NewsEconet reports gains in FY 2021/22 but says exchange losses are hitting hard

July 15, 2022by myles0

Econet Wireless Zimbabwe has reported its financial results for the year to 28 February 2022. Adjusted for inflation, revenues rose to ZWL87.27 billion (USD241 million) from ZWL57.93 billion a year earlier. EBITDA reached ZWL45.47 billion, from ZWL29.56 billion in FY2020/21, while profit for the year rose from ZWL1.04 billion to ZWL12.26 billion. The company added, however, that exchange losses from foreign currency denominated obligations since 28 February 2022 have eroded the gains made in FY 2021/22.

A recent tariff review conducted by industry regulator POTRAZ has allowed Zimbabwe’s telcos to increase consumer tariffs by up to 61%. The previous review was conducted in September 2021, with Econet saying that inflation had quickly made its prices ‘unviable for the business to continuously invest to meet the increasing demand for its services’.

Source: Commsupdate

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