‘Telecom Namibia’s profitability increases fourfold’

The SOE’s earnings before tax for 2017/18 are about N$55 million higher than the previous book-year.

03 December 2018 | Business

What Telecom Namibia presented today, as I was seated there, I was smiling. - Stanley Simataa, ICT Minister

Telecom Namibia recorded over N$1.5 billion in turnover during the 2017/18 financial year, despite the harsh economic conditions the country is facing.

The company’s turnover showed a marginal improvement of about 2% from the previous book-year,acting chief executive officer, Calvin Muniswaswa, announced last week when he presented the preliminary financial results at the company’s first stakeholder’s engagement in Windhoek.

In earnings before tax, he said, the company is over four times more profitable than the previous year, increasing by 336% from nearly N$16.4 million in 2016/17 to nearly N$71.5 million in the past financial year.

The closing cash balance was N$43 million, not short of what it was the previous year, Muniswaswa said.

“This development is very positive and it’s worth sharing with our stakeholders,” he added.

Muniswaswa called on stakeholders and customers to support Telecom Namibia in the implementation of its mission and vision by paying for the services it provides so that it can fast-track all the information and communication technology (ICT) development to the nation.

On his part, ICT minister Stanley Simataa commended the organisation for recording positive financial results.

“What Telecom Namibia presented today, as I was seated there, I was smiling. I have history of where the company has been. I have shared in the journey that the company has undertaken up until now,” he said. - Nampa

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