Group chairman Mr
"The group continued to engage the
A loss before tax of
Basic loss per share was
The business, however recorded a 31 percent increase in revenue to
The focus on operational efficiencies resulted in margin being maintained despite the pressures resulting from general price increases in the economy as well as the increase in network operational costs.
The business performed a professional revaluation of its property, plant and equipment for the year ended
"Most of the Company's assets were procured in foreign currency," said
In terms of market share, the group recorded a 10 percent increase in subscriber base to 12,6 million subscribers while market share for voice traffic and data traffic also increased to account for 79 percent and 73 percent respectively.
The growing digitalisation of the economy has necessitated investment towards infrastructure that supports increased online services such as online education, health and business digitalisation initiatives.
Said
However, power outages posed challenges to network availability forcing the group to resort to alternative sources of energy subsequently increasing costs.
Despite the challenges, the group is upbeat of maintaining efficiency and improved capacities.
"Our people are well trained and have extensive experience in managing technological transitions that have taken place in the telecommunications industry over time.
"Although investments in our platforms have been limited, we believe that the plans and initiatives we have for the future will result in an enhancement of the capacity and capabilities of our systems," said
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