NetOne posts record growth

State-owned mobile network operator NetOne has delivered a historic performance, posting record revenue and profit growth while aggressively expanding its high-speed 4G and 5G networks in a bold push to outpace private-sector rivals.

At its Annual General Meeting this week, NetOne unveiled a 62% year-on-year revenue increase, marking one of the strongest financial performances in its history. The growth was fuelled by a surge in demand for mobile data and voice services, as Zimbabweans increasingly rely on digital platforms for work, learning, and entertainment.

"Revenue rose by 62% compared to prior year, driven primarily by strong performance in data and voice products," said NetOne Group CEO Raphael Mushanawani, describing the growth as a reflection of the company's robust business strategy amid economic headwinds.

NetOne also reported a 68% increase in EBITDA (Earnings Before Interest, Tax, Depreciation and Amortisation), underlining its ability to manage costs efficiently while scaling services. Mushanawani said the performance proves the "resilient commercial model" NetOne has built in the face of currency instability, inflation, and infrastructure challenges.

The standout figure at the AGM was a 110% leap in data revenue, a testament to the country's fast-evolving digital habits.

"Zimbabweans are embracing cloud-based communication, e-learning, and remote work tools at an unprecedented pace. Our 110% growth in data revenue proves we are moving in the right direction," Mushanawani said.

To support this surge, NetOne invested heavily in its network. Over the past 12 months, it deployed 86 new base station sites, including 264 LTE installations and 16 5G-ready towers. All new sites are delivering 4G or higher speeds, part of what the CEO described as a "non-negotiable" standard for modern digital connectivity.

This expansion comes despite serious obstacles in the telecoms sector: sharp currency depreciation, rising import costs, frequent power outages, and persistent foreign currency shortages.

The move into 5G, still in its infancy in Zimbabwe, positions NetOne at the frontier of future technologies - from high-definition streaming and virtual conferencing to industrial IoT (Internet of Things) and precision agriculture.

While consumer adoption of 5G depends on the affordability of compatible devices and data packages, the investment sets the foundation for long-term revenue growth in enterprise and public sector markets.

"NetOne is no longer content to play catch-up. We are setting the pace in Zimbabwe's digital transformation," Mushanawani declared.

Telecommunications remains one of Zimbabwe's few sectors with the potential to generate export revenue via cross-border roaming and support economic digitisation across finance, education, and health.

Economists say NetOne's performance offers a rare injection of optimism in an economy battling inflation, power shortages, and foreign currency constraints.

But analysts also caution that sustaining this momentum won't be easy. Regulatory challenges, volatile exchange rates, and rising operational costs continue to threaten profitability and access.

Lower-income consumers risk being priced out as operators increasingly peg services to the more stable US dollar, while local currency fluctuations undermine long-term planning.

With competitors such as Econet Wireless expanding their own 4G and 5G footprints, Zimbabwe's mobile market is becoming a high-stakes battleground.

For now, though, NetOne's record-breaking year suggests the state-owned telecom giant is not just surviving - it's thriving, and positioning itself as a leader in Zimbabwe's digital future.