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Telekom Networks Malawi expects 50% growth in after-tax profit

Telekom Networks Malawi expects 50% growth in after-tax profit

Telco aims to invest US$30 million in an upgrade of its 4G network.

Telekom Networks Malawi (TNM) expects after-tax profits for the interim period to the end of June 2017 to be approximately 50% stronger compared to the previous contrasting period – this as the company looks to leverage network upgrades and more widespread data coverage.

TNM secretary Christina Mwansa confirmed the development weeks after the company announced its intention to spend an additional US$30 million to enhance its 4G mobile internet services.

The aim is to grow its current subscriber base of 3.3 million and compete with Bharti Airtel for market share within Malawi's population of 17 million.

TNM's investment of approximately US$12 million in the 2016 full year period paid off say experts and has also contributed to the anticipated increase in after-tax profit.

In the 2016 interim period, TNM posted an after-tax profit of around US$3.8 million, driven by an 11% increase in average revenue per user numbers which pushed up service revenue by 34%.

The Malawi and Mozambique Telecommunications Report Q4 2016, recently published by Business Monitor International, acknowledges TNM's investment in data and the expansion of its services.

"Telekom Networks Malawi's launch of LTE will improve broadband connectivity and quality across the country. However, the low penetration of mobile services and the challenging macroeconomic environment will inhibit the uptake of 4G services," says the report.

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