Friday, November 14, 2008

ECONET to increase subscriber base by 2.5million

SOUTH African based network services provider Econet Wireless International is targeting a subscriber base of 2,5 million mobile subscribers in 2009, starting with 1,2 million in February.

The company, founded by Zimbabwean-born businessman Strive Masiyiwa is confident of meeting its target.

“Econet is targeting a subscriber base of 1,2m by February 2009 and at least 2,5 million thereafter. Econet is definitely set to beat expectations in the case of an economic turnaround given the large market share that they command as well as its positive growth orientation,” said the company.

“Despite the dismal financial performance, the company exhibits very strong recovery and growth potential. Management is bullish about company prospects.”

The company said it will also focus more on innovation and move towards 3rd Generation (3G) services.

The company recently released its half year result where revenue was down significantly by 30,2 percent to US$7,0m in Zimbabwe, where it has its largest base, as a result of sub-economic tariffs.

Mutual and Federal

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