| Abridged results and presentation for FY ended 28 Feb 18

By Published On: May 30th, 2018Categories: Corporate announcement

Above pic: Douglas Mboweni (Chief Executive Officer) presenting at the recently held analysts briefing

Chairman’s Statement to the Shareholders

Econet has maintained its position as the leader in mobile telecommunications in Zimbabwe, fulfilling the promise made 20 years ago to provide world-class telecommunications to all the people of Zimbabwe. We celebrate this significant milestone by presenting these results which show just how far we have come. This journey has seen us evolve from being a mobile voice telephony operator to become a fully-converged Telecommunications, Media and Technology (“TMT”) business that touches the lives of all Zimbabweans.

We continued remodelling and optimising the business to enhance shareholder value. Austerity measures that we started implementing in 2015 have yielded exceptional results, resulting in the improvement of our margins. The EBITDA margin firmed to close the year at 41%, an increase from 36% in the previous year. Our revenue increased to US$ 832 million, largely driven by strong performance across all subsidiaries. The debt to equity ratio of the Group is now 8% against a prior year comparative of 18%. The Company no longer has exposure to any foreign currency external US$ denominated amortising debt, following the Rights Offer…

We are pioneering, we are innovative. We continue to seek value creating opportunities for our stakeholders. Our TMT model will continue to be underpinned by our robust infrastructure, exceptional human capital, diverse product offerings and our innovative culture. We affirm our dedication to uncompromised quality and service excellence, as well as to delivering pioneering innovations that will transform our society…

The Company has declared a final dividend of 0.3927 US cents per share amounting to US$ 10 million for the year ended 28 February 2018. The total dividends declared for the year amounts to US$ 60 million, equivalent to 2.3562 US cents per share.

Last Date to Trade – cum dividend Tuesday, 12 June 2018
Share Trade Ex-Dividend Wednesday, 13 June 2018
Record Date Friday, 15 June 2018
Payment Date (on/about) Thursday, 21 June 2018

I would like to take this opportunity to extend my profound appreciation to our customers, who have believed in the Company for the last 20 years. Our staff have made exceptional sacrifices to support the business and their contribution, passion and commitment to the business is impressive. Our business partners have been extremely supportive, we would like to express our appreciation to them. Our appreciation also extends to our regulators for their support and continued direction. To my fellow Board members, allow me to extend my sincere appreciation for your guidance and continued support.


Related downloads | 2018 Abridged Financial results.pdf | 2018 Abridged Financial results presentation.pdf

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