Econet's annual profit goes down by 10 percent

Zimbabwe Stock Exchange blue chip counter Econet released its financial results today. The company’s profit declined by 10 percent to $36,2 million from the previous year when it was $40, 2 million. Revenue also decreased from $641 million to $622 million in the same period. EBITDA, earnings before interest, taxes, depreciation and amortisation also declined 6.4%. to $224 million from US$238.4 million.

CEO Doug Mboweni commented:

Going into the future we remain cognisant of the fact that our success hinges on meeting and exceeding our customers’ needs. Leveraging on our solid infrastructure we will continue to be innovative in order to respond proactively to environmental changes and take advantage of technological developments, especially in the areas of content, media and financial technology (Fintech)

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