Select your Top Menu from wp menus
  • Instagram
MTC makes N$2.7 bil revenue during economic downturn

MTC makes N$2.7 bil revenue during economic downturn

Business Reporter

 

DESPITE the economic downturn due to a global pandemic, the mobile telecommunications company, MTC, for the financial year ending 30 September 2021, made a revenue of N$2.79 billion.

 

This translates to a 4.3% increase from N$2.68 billion reported last year for the newly listed telecom giant.

 

This growth is attributed to fixed line offerings, which gained momentum during the second half of the year; as well as an increased demand for data and product innovations driven by changing technology trends and remote working during Covid-19.

 

Profit after tax outperformed forecast by 20.2%, coming in at N$743.3 million.

 

economic global pandemic telecommunications MTC financial year ending 2021 revenue billion
WORTHY INVESTMENT: Picture for illustrative purposes only.

 

The company also recorded N$1.43 billion in Earnings Before Interest, Taxation, Depreciation and Amortisation (EBITDA), representing a 2.7% increase from last year’s N$1.397 billion.

 

MTC’s Managing Director, Licky Erastus, highlighted that in order to attain its vision of an inclusive Namibian digital economy, MTC has invested N$618 million in capital expenditure projects (compared to N$535 million of last year).

 

This is to continue enhancing its projects’ capacity and processes and controls to support project implementation and speed of delivery.

 

As of 19 November 2021, other retail and institutional shareholders owned 39.9% of MTC, bringing government’s ownership of the company through NPTH to 60.1%.

 

For the year 2021, dividends of over N$600 million was paid out.

 

Return On Equity (ROE) stands at 32.75% compared to 36.33% in 2020.

 

Related posts