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MTC records N$3b in revenue

Licky Erastus

Namibia’s telecommunications giant, Mobile Telecommunications Limited (MTC), recorded revenue of N$3,04 billion for the year ended 30 September 2023.

This was revealed at the company’s financial performance announcement in Windhoek on Friday.

According to MTC managing director Licky Erastus, the commendable results are the product of the company’s strategic focus on continuous investment in various sectors, including corporate social investment, innovation, digitisation, network expansion and optimisation.

“As part of our long-term growth strategy, MTC is undergoing a transformation from a communications service provider to a digital service provider.

“This strategic shift reflects our dedication to adapt to the evolving digital landscape and cater to the ever-changing needs of our customers,” said Erastus.

Despite slightly decreased earnings before interest, a taxation, depreciation and amortisation margin of 49,5% was seen, compared to 51,2% in the prior year, and the net profit after tax rose by 0,14% to N$794 million.

This increase was primarily due to revenue growth and stringent cost-control measures.

However, total expenses went up by 4,8% due to inflationary pressures, currency fluctuations, operational costs linked to technological advancements and a 7,7% hike in taxes.

These led to a consistent net profit after tax, despite the rise in total income.

MTC announced a final dividend of 38,80 cents per ordinary share for the fiscal year ending 30 September.

A dividend was declared on 4 December.

“Looking ahead, MTC remains optimistic despite acknowledging challenges posed by macroeconomic factors, geopolitical tensions, regulatory developments and infrastructure dependency,” said Erastus.

He said MTC’s strategic initiatives encompass enhancing customer experience, fostering a robust digital ecosystem, and expanding mobile financial services through its subsidiary, Windhoek General Administrators.

“These initiatives aim to provide secure financial solutions and promote financial inclusion for Namibia’s unbanked population,”said Erastus.

MTC reported a 5,0% increase in total income, and a 114,6% surge in fixed-line services during the year.

Erastus attributed this growth to heightened demand for data, prepaid products, roaming services and enterprise solutions.

The company’s return on equity for the 2019 financial year was 29,7%, compared to the previous year of 31,2%, which were mainly contributed as a result of shareholders’ equity value.

Additionally, MTC declared a dividend of N$663 million, an increase from N$519 million in 2022.

The company generated a total of N$1,5 billion from operations, earned net interest of N$69 million and paid N$311 million in tax.

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