Cell C has announced its financial results for the year ending December 2016, and things appear to be good for the firm. Well, as good as being in enough debt to warrant a restructuring agreement with Blue Label Telecoms can be.
The mobile network operator posted a profit of R540 million and grew its subscriber base to 15.3 million customers despite challenging circumstances.
“The 2016 financial year was exceptionally challenging, with South Africa’s economic growth essentially flat. Despite this, the company delivered solid results,” Cell C CEO Jose Dos Santos said in a statement.
Total revenue for the firm increased by 11% to R14.6 billion while service revenue grew by 8% to R11.8 billion. This was driven by an increase in sales of data, Cell C said.
“While we did see a marginal decline in traditional voice traffic, in favour of other voice technologies, this was offset by the massive data growth,” said Dos Santos.
The firm also pumped R3.4 billion back into its network. This investment allowed it to roll out technologies such as LTE and LTE-Advanced en-masse throughout the year.
Here’s hoping that the good news persists throughout 2017.