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Econet internet revenue grows

ZIMBABWE’S largest mobile network provider, Econet Wireless (Econet) says broadband revenue contribution has grown 69,7% to US$56 million in the first half of its financial year to August, up from US$33 million the previous year as more subscribers adopt internet use.

Staff Writer

The group said broadband services now contribute 14% of revenues compared to 9% in the first half of last year after a 30,6% growth in broadband subscribers in the period under review to 4,7 million customers.

The company’s total revenue grew by 4, 2% to US$392, 34 million. Net profit however, slid by 29, 7% to US$49,63 million.
Last year, Econet took over TN Bank which it later rebranded to Steward Bank.

Steward Bank reported a US$3,7 million after tax loss in the first half of the year ended August 31.

In a statement, the bank said the loss was a result of extraordinary expenditure relating to items like retrenchment costs and impairment of property after closure of some branches.

Last year, the bank reported a US$22 million after tax loss in the first half.

Econet in March acquired TN Medical, which on Wednesday rebranded to Steward health.

At a rebranding ceremony held in Harare, Steward Health said work had been done to formulate solutions against macroeconomic challenges that had seen members leaving the medical insurance platform.

In an interview on Wednesday with businesssdigest, Steward Health managing director Hazel Banza said the company is currently sitting on 10 000 members with and has ongoing initiatives to boost client base.

“We had a situation where members were not consistent in their monthly contributions and would end up just defaulting and completely discontinuing, but now I think we have come up stronger,” she said.

“We have come up with a wide range of products to cover for everyone and we will be stronger by mid next year.”

Steward Health offers six packages namely starter, standard, classic, active, vitality and zest plans.

The monthly subscription range from a minimum of US$14 to US$300 per month.

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