Maputo, Mozambique, 14 Aug – Mozambique’s biggest mobile operator, mcel, registered its best results in five years in 2008 posting profits of 548 million metical (US$ 20 million), the telco announced Thursday in Maputo.
Profits for 2008 were 58% up year-on from 346 million metical, said mcel.
“With the exception of the 2004 financial year, when net profits of 660 million metical were posted due to currency exchange gains, 2008 was the best in the last five years,” mcel CEO Gomes Zita said in a statement.
Mcel achieved a “notable evolution” in 2008 with turnover of 7.086 billion metical compared to 5.828 billion metical in 2007.
The operator’ subscribers increased 36% to surpass 3.1 million compared to just over 2.3 million in 2007 and mcel’s estimated market share has risen to 69%, up 3% in an annual comparison.
Mcel, wholly owned by the Mozambican state, has Vodafone South Africa-controlled Vodacom as its main rival. (macauhub)