Staff writer
Revenue from data, the resumption of roaming services, and the expansion of enterprise services were the main reasons for MTC accumulating N$387 million profits for six months. The profits are calculated after tax for the period ending 31 March 2023.
This is detailed in the service provider's latest unaudited condensed consolidated interim financial results.
For the period under review, MTC's revenue increased by 2.36% to N$1.48 billion, an
increase from the N$1.44 billion recorded during the same period last year, however,
not quite the N$2.89 billion revenue generated for the six months ending September
2022.
Despite this being an after tax decline of 2.2% Year-on-Year, ascribed to the net
recovery of initial public offering costs in 2022 and a higher effective income tax rate in
2023, the company's board chairperson, Theo Mberirua, states that they remain
optimistic about the future.
"Our focus on providing exceptional services and innovative solutions will continue to
drive growth and customer satisfaction. However, we acknowledge the challenges
posed by external factors such as the Nampower dependency on infrastructure and
electricity, and the risks associated with loadshedding," Mberirua stated.
He further states that MTC has ambitious plans to launch mobile financial services
(MFS) in the coming quarters, with the aim to empower its customers with convenient
and secure financial solutions.
"This expansion into the financial sector aligns with our commitment to innovation and
providing comprehensive services that cater to the diverse needs of our customer base.
Bank of Namibia has resolved to grant Windhoek General Administrators (Pty) Ltd, a
wholly owned subsidiary of MTC, provisional authorisation to issue electronic money in
Namibia in terms of the Determination on Issuing of Electronic Money in Namibia (PSD-
3)," the board chair stated.
This, Mberirua said, is in line with the company's long-term growth strategy to transform
from a communications service provider to a digital service provider.
The company's property plant and equipment value stands at N$1.5 billion for the period
under review; an increase from the N$1.3 billion was recorded during the same period
last year.
The company's complete assets value stand at N$3.70 billion according to the report.
