Zimbabwe: Wider economy hits Econet Zimbabwe results
June 1st 2023
Econet Wireless Zimbabwe has reported a 20% increase in inflation adjusted revenues for its financial year to end-February 2023 to ZWL339.2 billion (USD937 million), driven by rises in mobile voice and data usage of 19% and 58%, respectively. Local currency lost more than 85% of its value during the year, however, which impacted earnings, leading to a net loss for the year of ZWL17.0 billion, reversing a profit of ZWL39.6 billion in FY 2021/22. EBITDA dropped 7% to ZWL137.0 billion, while the EBITDA margin fell from 52% to 40%. Exchange losses amounted to ZWL77 billion, equating to 23% of revenue in 2022/23 compared to 6% the previous financial year.
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