Econet Wireless Zimbabwe annual profit rises 18% to US $166 million

Econet Wireless Zimbabwe, the country’s largest telecoms firm, announced today its full year financial results for the period ended February 2012. An update posted by Bloomberg the company’s annual profit after tax has risen 18% from US $140.9m last year to $165.7 million this year.

Here’s a summary of other announcements made at the briefing today:

• Revenue is up 24 percent to $611 million
• Econet’s basic earnings per share rose to $1 in the year-ended February, from $0.83 the previous year.
•  20% increase in full-year earnings
• Econet has invested $614 million over the past three years in network infrastructure
• GSM subscribers  have risen to 6.4 million. That’s up from 5.686 million announced in December 2011 by POTRAZ
• The company’s total assets increased 27 percent to $812.4 million
• Econet is in negotiations with international banks for a $307 million loan to further expand the network.

So far Econet’s investor relations website has not been updated with the new information so we’ll all have to go with this for now. More updates coming as we get them.

Sources: bloomberg.com, af.reuters.com