News / National
Econet racks in 1.8 million mobile internet subscribers
04 Jun 2011 at 13:49hrs | Views
Econet Wireless Zimbabwe Limited (Econet) now has 1,8 million subscribers on its mobile internet service, a senior official has revealed.
"We now have more than five million subscribers countrywide on our network and our current market capitalisation stands at about $1 billion," he told the ICT one-day Conference on Wednesday.
The firm has invested more than $20 million in Zimbabwe, the largest amount of investment since the building of the Kariba Dam before Independence in 1980.
This year alone, Econet is investing $460 million to spruce up its 3G technology countrywide.
Led by Douglas Mboweni in Zimbabwe, but controlled by tycoon Strive Masiyiwa from South Africa, Econet is the leader in the domestic telecommunications market – with about 69 percent market share, and more than 400 base stations scattered countrywide.
"The introduction of new products should continue to attract revenues for the company as well as increasing its subscriber base," said a stock market analyst.
"Demand for Econet Group products remains very strong - given the weak competition. The focus for the company will be on innovation, improving the quality of service and a venture into the accessories market. A reseller agreement with Apple has been signed to exclusively sell Apple products on the local market. In addition, Ecolife, a new insurance product, is expected to retain subscribers in Zimbabwe."
Turnover at Econet for the period ending December 31, 2011 stood at $494 million.
Leading stock market analysts, Imara Edwards Securities, currently led by Thadius Kasaira, predict that Econet's turnover could skyrocket to $590 million in 2012 and a further $694 million by 2013.
"We now have more than five million subscribers countrywide on our network and our current market capitalisation stands at about $1 billion," he told the ICT one-day Conference on Wednesday.
The firm has invested more than $20 million in Zimbabwe, the largest amount of investment since the building of the Kariba Dam before Independence in 1980.
This year alone, Econet is investing $460 million to spruce up its 3G technology countrywide.
"The introduction of new products should continue to attract revenues for the company as well as increasing its subscriber base," said a stock market analyst.
"Demand for Econet Group products remains very strong - given the weak competition. The focus for the company will be on innovation, improving the quality of service and a venture into the accessories market. A reseller agreement with Apple has been signed to exclusively sell Apple products on the local market. In addition, Ecolife, a new insurance product, is expected to retain subscribers in Zimbabwe."
Turnover at Econet for the period ending December 31, 2011 stood at $494 million.
Leading stock market analysts, Imara Edwards Securities, currently led by Thadius Kasaira, predict that Econet's turnover could skyrocket to $590 million in 2012 and a further $694 million by 2013.
Source - Econet
