WINDHOEK, 29 NOV – Telecom Namibia recorded over N$1.5 billion in turnover during the 2017/2018 financial year (FY), despite the harsh economic conditions the country is facing.
The company’s N$1 538 052 000 turnover showed marginal improvement from the N$1 507 577 000 recorded in the preceding year.
This was announced by its acting Chief Executive Officer, Calvin Muniswaswa when he presented the preliminary financial results at the company’s first stakeholder’s engagement here on Wednesday.
In earnings before tax, he said, the company is over four times more profitable than the previous year, showing an improvement of 333 per cent from N$16 396 000 in the 2016/2017 FY to N$71 457 000 in 2017/2018.
The closing cash balance is N$43 million, not short of what it was the previous year, Muniswaswa said.
“This development is very positive and it’s worth sharing with our stakeholders,” he added.
Muniswaswa thus called on the stakeholders and customers to support Telecom Namibia in the implementation of its mission and vision by paying for the services it provides so that it can fast-track all the information and communication technology (ICT) development to the nation.
On his part, the ICT Minister Stanley Simataa commended the organisation for recording positive financial results.
“What Telecom Namibia presented today, as I was seated there, I was smiling. I have history of where the company has been. I have shared in the journey that the company has undertaken up until now,” he noted, thanking the stakeholders who have kept faith in Telecom Namibia’s ability to turn around its fortunes. – NAMPA
Telecom Namibia records positive financial results
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