• Econet Wireless posted H1 revenue of ZiG 13.5 billion (US$510 million at official rate), up 39% YoY, with PAT soaring 331% to ZiG 2.9 billion
  • Mobile subscription share rose to 73.23%, data traffic share expanded to 82.21% (up 132 bps QoQ)
  • Underpinned by aggressive 5G rollout (100+ new sites in H1, total now 234) and rural network densification.

Harare- Econet Wireless Zimbabwe delivered a robust financial performance for the half-year ended 31 August 2025, posting group revenue of ZiG 13.5 billion, representing a 39% year-on-year increase from ZiG 9.7 billion in the prior comparable period. Profit after tax exhibited even stronger growth, surging 331% to ZiG 2.9 billion from ZiG 673 million, driven by operating leverage, disciplined cost management, and favourable revenue mix shifts toward high-margin data services.

Applying the official exchange rate of approximately ZiG 26.75 : US$1 prevailing on the reporting date, the half-year revenue equates to US$504.4 million. Even when translated at the parallel-market rate of approximately ZiG 30 : US$1, the figure stands at approximately US$450 million, reflecting the underlying dollarised strength of the business.

Given Econet’s well-established seasonality, where second-half revenue historically materially exceeds the first half, the group remains firmly on trajectory to achieve or surpass the psychologically significant US$1 billion annualised revenue milestone, mirroring the growth path demonstrated by peer Delta Corporation.

From a market and operational perspective, Econet continues to consolidate its dominant position in the Zimbabwean telecommunications sector, maintaining an unassailable market share of 73.23% in active mobile subscriptions (up 38 basis points quarter-on-quarter to 11.78 million lines) against a fragmented competitive set comprising the state-owned NetOne (24.78%) and the much smaller Telecel (1.99%).

This leadership is even more pronounced in high-value segments: Econet commands 87.61% of mobile voice traffic and an expanded 82.21% of mobile internet and data traffic (up 132 basis points quarter-on-quarter), reflecting successful customer migration to data-centric bundles and superior network quality.

Sector-wide metrics released by the Postal and Telecommunications Regulatory Authority of Zimbabwe (POTRAZ) for Q2 2025 corroborate the ongoing structural shift toward data consumption. Mobile internet and data traffic grew 14.14% quarter-on-quarter to 130.14 petabytes, while aggregate mobile network operator revenue rose 9.24% to ZiG 6.71 billion, accompanied by a notable 5.47% decline in operating costs that highlights improving operational efficiency across the industry.

Within this favourable environment, Econet disproportionately benefited from the data boom, with internet and data now contributing 47.9% of sector revenue (despite a slight sequential decline from 50.2%), while voice and SMS contributions increased to 34.3% and 5.7%, respectively.

Capex intensity remained elevated as operators front-load 5G and LTE roll-outs ahead of anticipated demand. Industry capital expenditure surged 261% quarter-on-quarter to ZiG 1.53 billion, with Econet accounting for the overwhelming majority of 5G deployments (adding 66 net new 5G sites to reach 234). The group also commissioned 27 multi-technology greenfield sites and 26 lightweight, cost-efficient base stations targeted at rural and underserved areas, while accelerating its 5G programme with an additional 100 sites nationwide. These investments lay critical groundwork for future monetisation through advanced IoT applications, fixed-wireless access, and enterprise solutions.

On the digital transformation front, Econet achieved significant milestones in customer experience enhancement, including material progress on the migration to a new converged billing and customer relationship management platform and the successful go-live of the eStore functionality within the MyEconet self-care app. These initiatives are expected to drive further operating leverage, reduce customer acquisition and retention costs, and support personalised tariffing and upselling capabilities.

Therefore, Econet Wireless Zimbabwe exhibits all the hallmarks of a high-quality, defensively positioned compounder operating in an oligopolistic market with strong pricing power, secular data tailwinds, and prudent balance-sheet management. The combination of dominant market share, accelerating data monetisation, network superiority, and visible operating leverage positions the group to comfortably achieve its US$1 billion revenue ambition while delivering superior returns on invested capital in a challenging macroeconomic environment.

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