Namibia’s MTC Soars: 5% Income Surge, Digital Evolution, and Strategic Shifts Shape Telecom Triumph

  • Financial Performance: MTC reports a robust 5.0% growth in total income, reaching N$3.05 billion, showcasing financial stability.
  • Operational Highlights: Enterprise services see a remarkable 114.6% YoY growth, while cost control measures contribute to solid margins.
  • Strategic Initiatives: MTC transforms into a Digital Service Provider, focusing on enhancing customer experiences, fostering a robust digital ecosystem, and expanding financial services.
By Lethabo Ntsoane

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.

Financial Triumphs

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.

Earnings and Dividends

  • Profit after tax settled at N$794,175,000, reflecting stability with a 0.14% increase.
  • Earnings per share (EPS) stood at 105.89 cents, a marginal uptick from the previous year’s 105.74 cents.
  • A total dividend of 88.45 cents per share was declared, including a final dividend of 38.80 cents.

Operational Metrics

  • Enterprise services experienced remarkable growth, with fixed line services achieving a staggering 114.6% year-on-year increase.
  • Earnings before Interest, Taxation, Depreciation, and Amortisation (EBITDA) margin remained strong at 49.5%.

Operational Overview

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.

Costs and Margins

  • Cost of Sales increased by 17.2%, primarily due to growth in enterprise sales and accounting provisions reversals in 2022.
  • Direct costs saw a modest 1.1% increase, influenced by currency devaluation and network-related expenses.
  • Marketing and Sales costs decreased by 9.0%, driven by reduced sponsorships and a more targeted digital marketing approach.
  • Personnel costs rose by 14.2%, attributed to increased hiring, inflation-related adjustments, and the introduction of a housing subsidy scheme.

Dividend Declaration

MTC declared a final dividend of 38.80 cents per ordinary share on 4 December 2023. Key dates for dividend processing include:

  • Last day to trade cum dividend: 12 January 2024
  • First day to trade ex-dividend: 15 January 2024
  • Record date: 19 January 2024
  • Payment date: 02 February 2024

Strategic Initiatives and Future Outlook

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.

Customer Experience Enhancement

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.

Robust Digital Ecosystem

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.

Expansion into Financial Services

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.

Confidence in Future Growth

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.

Auditor’s Opinion and Regulatory Compliance

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.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: Twitter: @NtsoaneLethabo