#MatterOfFact: NetOne records $15million Profit

Earlier on, we reported that NetOne has recorded $58 Million loss, but after investigations, we gathered that this figure presented during the parliamentary portfolio committee on ICTs  was used towards budget requisition for 2019, yet  in fact it was a loss from last year and not the current trading period.

By Toneo T Rutsito .

Sources at NetOne have divulged that they are actually on a very good trajectory as they have recorded a whopping $15 million profit for the last trading  period 

TechnoMag would like to categorically apologise for any inconvenience the article may have made.

Chairman of the Parliamentary committee on ICTs hon Charlton Hwende clarified the matter and also stated that more details on state of ICTs in Zimbabwe will be presented in parliament tomorrow.

NetOne has recorded a loss of $58 million in the last trading  quarter, a negative figure compared to the last quarter which may be a true reflection of the current financial status, according to parliamentary portfolio committee review done  recently.

In September, NetOne was reported to have swung to profitability in the eight months to August 31, 2018, as they reported profit rise of 105 percent to $1,3 million from a loss of $26 million in the prior comparable period. 

The portfolio however recommended urgent need to privatise the asset as they said many investors would want it even with its debts.   

Their one fusion product has been very popular and increasing revenue for them. Most people are actually migrating to NetOne for this product and  the notion that One Fusion has failed is a misrepresentation, its just how they represented the same facts.

Their basestation repositioning to more profitable areas strategy has generated more revenue for them as they identify profitable areas while 4g capacity has intensified in high density areas. 

These are bearing fruits of past strategies in the yester year  of making sure they collect more revenues from profitable areas, as they seize to provide communication as a resource at cost value.

The company’s annual revenue by the third quarter, September was reported to be at $84 million, surpassing last year’s figure by 9 percent.Revenue for the month of August alone amounted to $10,3 million,  while September was on $8million. 

 

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