Telecommunications operator NetOne Cellular announced on Friday 22 June that the company had achieved a profit of $1.2 million in the month of May 2018. Speaking at the company’s Annual General Meeting held at a local hotel, the new Chief Executive Officer, Mr Lazarus Muchenje said that the company had managed to post a profit of $1.2 million in the month of May on the back of increased revenues and a greater focus on cost control.
The appointment of Mr Lazarus Muchenje in April 2018 as the new CEO brought to an end the long search for a substantive CEO at the state owned entity following the departure of former CEO Mr Reward Kangai.
Mr Muchenje expressed optimism that the company is on the road to recovery and is now poised to regain the market share that it has lost over the years. NetOne was the first mobile operator in Zimbabwe but is now currently the second largest operator in the country.
Mr Muchenje also revealed at the AGM that the profit of $1.2million achieved in the month of May was a 128% increase from a loss suffered in the same period in 2017.
It was also announced at the AGM that NetOne incurred a loss of $57.8 million for the year ended 31 December 2017 primarily as a result of foreign exchange losses, as well as penalties and fines levied for statutory obligations relating to previous years.