Econet ventures into home security service

Econet Wireless says it had diversified into home security service as the telecommunications operator seeks to widen income streams in the face of declining profitability from its core business.

The telecoms operator recorded a 52 percent slump to $23 million in net profit in the half-year ended August 2015, as weak consumer demand and Government imposed service charge cuts and taxes took a toll on its performance.

Over the years, the telecoms operator has diversified into other sectors such as renewable energy and beverages.

To improve its profitability, the company in the past year instituted a variety of measures including retrenchments, salary cuts and demanding a 15 percent price cuts from its suppliers.

Under the new service, Econet Connected Homes, which is a partnership with its subsidiary Zimbabwe.