Home » Strive Masiyiwa’s Econet Wireless records 77-percent increase in data volumes in Q1 2021

Strive Masiyiwa’s Econet Wireless records 77-percent increase in data volumes in Q1 2021

by Omokolade Ajayi

At the end of the first quarter of its current financial year, Econet Wireless Zimbabwe revealed that its data volume surged by 77 percent compared to the figures recorded in the first quarter of the previous financial year.

The publicly traded company, part of the larger Econet Group, a 22-year-old diversified telecom company, made the disclosure in a trading update for the quarter, ending May 31.

Zimbabwean billionaire Strive Masiyiwa, who founded Econet in 1998, holds a majority 52.85-percent stake in the company.

Since 1998, the company has grown into the largest telecom provider in Zimbabwe, providing telecom solutions, Internet access and payment solutions in the country.

Aside from the growth in Econet’s data volumes, its voice traffic surged by 25 percent during the quarter, putting a strain on its network infrastructure and capacity.

The growth in the company’s data and voice traffic volumes revealed that its business remains resilient despite its challenging operating environment and the continued uncertainty emanating from the COVID-19 pandemic.

Econet recorded a resilient financial result at the end of its 2021 financial year, posting a profit of ZWL836.53 million ($2.6 million).

The profit growth came off the back of a 23-percent rise in its revenue from ZWL28.53 billion last year to ZWL35.10 billion ($109 million). 

In reaction to the growth in the company’s earnings at the end of its 2021 financial year and the growth in data and voice traffic, shares in Econet have been on the rise since the start of the year, as investors acquire additional stakes in the company.

As of press time, 5:30 PM (UTC), Aug. 17, Econet Wireless Zimbabwe was trading at ZWL39.33 ($0.12) per share.

The company’s stock has returned a whopping gain of 314 percent for shareholders since the start of the year.

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