CHAIRMAN’S STATEMENT TO THE SHAREHOLDERS

OVERVIEW

The Company’s relentless pursuit of innovations to meet the changing needs of our customers puts us on a solid platform for continued growth as we pursue a connected digital future that leaves no Zimbabwean behind…

SHAREHOLDER VALUE CREATION

To enhance shareholder value the Directors have proposed several transactions. The Directors have resolved that subject to shareholder approval, the Company’s smart technology business be demerged from the mobile network operations business, and be separately listed on the Zimbabwe Stock Exchange…

FINANCIAL REVIEW

Consolidated performance
Revenue for the period under review registered a growth of 70% to close at $600.3 million compared to the previous year. This substantial growth was underpinned by the successful execution of the regionalisation strategy. The TMT strategy accounted for the solid revenue performance in data and financial mobile money segments…

CORPORATE SOCIAL INVESTMENT

The Group partnered with Government, through the Ministry of Health and Child Care’s Department of Epidemiology and Disease Control, to offer centrally coordinated material support to the nationwide effort to combat the cholera outbreak. A total of $15 million was availed to combat the cholera outbreak…

OUTLOOK

Telecommunications
The telecommunications business is focusing on incubation of varied businesses that focus on virtual reality; gaming platforms; artificial intelligence and smart city concepts which will result in a further upward trend in data volumes…

DIVIDEND DECLARATION

The Company declared a dividend of 1.158 US cents per share amounting to $30 million for the second quarter ending 31 August 2018. This brings total dividends declared to shareholders to $50 million for the half year ended 31 August 2018.

Withholding tax will be deducted at a rate of 10%, where applicable. Payments to foreign shareholders will be subject to exchange control approval and payment guidelines for foreign remittances. Foreign shareholders should appoint or make their own arrangements with a local bank of their choice to receive their dividend on their behalf and to facilitate remittance to them.

APPRECIATION

On behalf of the Board, I would like to extend my sincere appreciation to our valued customers who have supported us over the past twenty years. We are what we are today because of your unwavering support. I would also want to thank all our business partners and stakeholders who have immensely contributed to the success of the Econet Group. To my fellow Directors, I express my profound gratitude for the role that you have played in steering the Company to be where it is today. Our staff are truly exceptional and to them we are extremely grateful.

Dr. J. Myers
Chairman on the Board

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