In a year marked by economic challenges, Mobile Telecommunications Limited (MTC) has reported robust financial results for the year ending 30 September 2023, showcasing resilience and strategic adaptation to market conditions.
MTC’s financial highlights reveal a 5.0% growth in total income, reaching N$3,049,954,000, compared to the previous year’s N$2,905,316,000. The company’s profit from operations rose to N$1,099,709,000, demonstrating a commendable financial performance.
The company attributed its income growth to heightened demand for data, increased prepaid product adoption, resumption of roaming services, and continuous expansion of enterprise services. Despite economic headwinds such as inflation and currency challenges, MTC adapted, maintaining focus on cost control and strategic investments.
MTC declared a final dividend of 38.80 cents per ordinary share on 4 December 2023. Key dates for dividend processing include:
In a bid to navigate challenges and capitalize on opportunities, MTC is undergoing a transformation from a Communications Service Provider to a Digital Service Provider. This strategic shift aligns with the company’s commitment to adapt to the evolving digital landscape and cater to the changing needs of customers.
MTC is dedicated to enhancing customer experiences by forging strong partnerships with content providers and Over-The-Top platforms. The goal is to offer customers access to a diverse array of relevant and localized content, enriching their overall experience and driving data consumption.
The company is investing in local app development and supporting the growth of digital startups, contributing significantly to Namibia’s burgeoning tech industry. This commitment aligns with MTC’s vision for a digitally empowered Namibia.
MTC, through its subsidiary Windhoek General Administrators, aims to launch Mobile Financial Services (MFS) offerings. This strategic move is geared towards providing Namibians with convenient and secure financial solutions, fostering financial inclusion for the unbanked.
Despite acknowledging challenges such as high inflation and currency devaluation, MTC remains optimistic about the future. The company’s focus on providing exceptional services, innovative products, and solutions is expected to drive growth and enhance customer experiences.
PricewaterhouseCoopers issued an unmodified opinion on the Group’s financial statements for the year ended 30 September 2023. Investors are encouraged to refer to the full annual financial statements for comprehensive details.
As MTC navigates the dynamic landscape of telecommunications and digital services, the company remains committed to strategic initiatives that prioritize customer satisfaction, digital innovation, and financial inclusion. The strong financial performance for the year ending September 2023 underscores MTC’s resilience and adaptability in the face of economic challenges.