Business Reporter
TOP mobile network operator, NetOne’s revenues hit a whopping ZWG3,77 billion , recording a significant 62% increase in what testifies tangible improvements in the just ended reporting year of 2024.
Presenting the financial performance for the period, NetOne’s board chairman, Engineer Taurai Maurikira said the company did not take the back seat in the face of economic headwinds, instead opting to employ dynamic management practices to navigate the terrain.
Proving the mettle of hard work and determination in line with the shareholder, Mutapa Investment Fund’s (MIF) thrust, the NetOne brand was spurred to dizzy heights with key financial metrics telling the story .
Earnings Before Interest Taxes Depreciation and Amortisation (EBTDA) margin improved by 2% from 44% in 2023 to 46% in 2024.
“Population network coverage grew by 3% from 87% in 2023 to 90% in 2024. However, the complex operating environment meant that profitability was under pressure. We continued to invest in network expansion and modernization of our digital systems enhancing our operational efficiency.
“We launched 5G in August 2024 during the SADC Summit. Our focus on digital platforms and customer centric products allowed us to remain relevant in a competitive market,” said Maurukira.
He underscored that the preparation of financial statements in an accurate manner, in line with International Financial Reporting Standards (IFRS), and compliance with all relevant regulatory frameworks will be part of the company’s culture going forwards.
The seasoned engineer vowed to press ahead with investments in new technologies and product offerings to meet the dynamic customer needs with a bias on cost management and strategic partnerships.
