State-owned mobile telecommunications company, NetOne, recorded revenue grew by 263% from ZWL4.145 billion in 2020 to ZWL15.036 billion in 2021, inflation adjusted revenue showed a growth of 96%.
Netone also witness a growth in active subscribers which closed off the year at 4,470,592 showing a net growth of 779,278 subscribers in a single year from the 2020 closing base of 3,691,314 subscribers. The increase in subscribers means Netone market share has grown significantly from 28.0% in 2020 to 31.4% in 2021.
Speaking during the 2021 financial year, Board Chairperson Miss Susan Mutangadura, said the Company witnessed growth in revenues and customers who subscribed to NetOne Mobile Financial Services (MFS).
“Stringent measures were put in place to ensure that the services offered under MFS were in compliance with the legal requirements and the directives issued by the Financial Intelligence Unit of the Reserve bank of Zimbabwe from time to time,” she said.
“Revenue for the year grew by 96% to ZWL18.6 billion from ZWL 9.5 billion in the prior year.Overheads grew by 46% with the major cost drivers being network, staff and marketing costs. Earnings Before Interest and Tax (EBITDA) was ZWL9 billion up from ZWL3.2 billion in prior year. A healthy EBITDA margin of 48% was recorded. The Company continued to be weighed down by the huge exchange losses on the foreign loans leading the Company to a loss making position.” She added.
Privatising TelOne and NetOne is part of Zimbabwe’s Transitional Stabilisation Programme that advances President Mnangagwa’s Vision 2030 to transform the country into an upper middle income economy.