Econet Wireless Zimbabwe Limited (ECO.zw) Investor Relations2018-06-18T08:26:37+00:00

Econet Wireless Zimbabwe Limited (ECO.zw)

Econet Wireless Zimbabwe is a diversified telecommunications group; it is the largest enterprise of its kind in Zimbabwe and the largest company on the Zimbabwe Stock Exchange in terms of market capitilisation. Econet Wireless Zimbabwe provides products and solutions for mobile and fixed wireless telephony, public payphones, internet access and payment solutions. In 2009, Econet Wireless Zimbabwe became the first operator in Zimbabwe to launch data services with 3G capability. This was followed by an extensive project to expand its geographic coverage; building a fibre-optic network, providing financial transaction switching and point-of-sale and value-added retail support services. The company is a subsidiary of a privately-owned group controlled by its founder, Strive Masiyiwa. The group’s subsidiaries include Econet Global, Econet Wireless Africa, Econet Wireless International, Econet Enterprises, Liquid Telecom Group and Econet Media.

Why consider investing?

Three Reasons to Consider Investing in Econet Wireless Zimbabwe Limited (ECO.zw)

1.

The Industry Market Leader

Market leader across all product segments: 84% revenue market share; 78% voice tariff market share; 65% data traffic market share; 97% EcoCash subscriber market share; 68% LTE network infrastructure market share
2.

Resilient Business Model

Our businesses are delivering value to customers across different and diversified industries: Telecommunications (Econet Wireless Broadband, Liquid Telecom); Media (Kwese); Technology (EcoCash, EcoSure, EcoSchool, Econet Connected Car, Cumii, Steward Bank, Ownai)
3.

Continued Value Creation

Sustaining shareholder value under difficult economic conditions: US$23bln EcoCash transactions since launch; US$134mln dividend paid since 2009; US$1.2bln infrastructure investment; US$1.3bln paid to Government since 2009; +60,000 jobs created directly and indirectly
See our share price in action

Our Share Price in Action

120.01 0.01 / 0.01%
Year to date 30.45%
52 Week Change 185.74%
52 Week Low
52 Week High
42.00
188.00

LATEST ACTIVITY

Sales Value 120.01
Volume Traded 294,523
Value Traded 353,457.05
Market Cap 3,108,951,458
Shares issued 2,590,577,000

MARKET INFO

Sector Technology
Exchange Zimbabwe Stock Exchange
ISIN ZW 000 901 212 2
YEAR Listed 1998
Year End February

FUNDAMENTALS

P/E 20.69
Div. Yield 1.967%
EPS US(c) 5.80
P/B Ratio 4.05
EV / Ebitda 8.29
Find the most important share facts

Top Shareholders28th February, 2018

Econet Global Limited1,104,129,829 (42.62%)
Stanbic Nominees (Private) Limited (NNR)435,992,528 (16.83%)
Stanbic Nominees (Private) Limited233,127,296 (9.00%)
Other817,327,179 (31.55%)

Company Information

Registered Name Econet Wireless Zimbabwe Limited (ECO.zw)
ISIN ZW 000 901 212 2
Ticker Code ECO.zw
Sector Technology
Stock Exchange Zimbabwe Stock Exchange
Chairman Dr James Myers
Chief Executive Douglas Mboweni
Company Secretary Charles Banda
Transfer Secretary First Transfer Secretaries (Pvt) Ltd (zw)
Year End February
Year Founded 1998
Year Listed 1998
Website Address ewzinvestor.com
Latest news

Featured News

Events Calendar

DateEventTimeDescriptionVenue
31 Aug 2018HYHalf year endN/A
31 Oct 2018HY resultsPrevious year release dateN/A

News Archive

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Documents and Reports

Econet Wireless Zimbabwe Limited (ECO.zw) invites you to review its latest published financial reports: half year reports, annual reports / reference documents. All the listed documents may also be downloaded.

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What makes Econet Tick?

Fundamentals

The facts that affect Econet Wireless Zimbabwe Limited (ECO.zw)‘s underlying value.

Statement of Income extract All values in US Dollars

  28 Feb 14 28 Feb 15 28 Feb 16 28 Feb 17 28 Feb 18 5-year trend
Revenues 752,678,000746,183,000640,989,000621,705,000831,597,000
Attributable PAT 119,282,00070,258,00040,363,00036,978,000140,786,000

Statement of Financial Position extract All values in US Dollars

  28 Feb 14 28 Feb 15 28 Feb 16 28 Feb 17 28 Feb 18 5-year trend
Shareholders funds 599,795,000660,770,000657,535,000693,752,000766,917,000
Net interest bearing debt 156,669,000302,188,000257,530,000(58,099,000)(291,386,000)
Cash on hand 71,331,00095,239,00099,715,000185,863,000350,191,000
Interest bearing debt 228,000,000397,427,000357,245,000127,764,00058,805,000
Net current assets (94,546,000)(57,954,000)(66,195,000)(67,805,000)(63,669,000)
Our Corporate Governance

Corporate Governance

The Board recognizes that in order to effectively play its role of setting out the Group’s strategy and reviewing the Group’s strategic direction, it must observe good corporate governance and comply with emerging global governance requirements. It is the Board’s responsibility to ensure the Group observes generally accepted principles of corporate governance as enunciated in the various codes on corporate governance as well as compliance with laid-down regulatory obligations. The Board is fully cognisant of the standards set out in the King Codes and the Zimbabwe National Code on Corporate Governance and ensures that these are complied with in the Group.

As a listed entity on the Zimbabwe Stock Exchange the Group is obliged to comply with the latter’s Listing Rules. The Group’s operations are also subject to laws and regulations imposed by government and local authorities. The Board ensures that every effort is made to comply with these laws and regulations to the latter. The Board meets four times a year.

Board composition, balance and independence

The Board has twelve members: four executive directors, three non-executive directors and five independent non-executive directors. The Board is chaired by an independent non-executive director. By ‘independent non-executive’ is meant independence from management and absence of any business relationship which might have an impact on the director’s independence of judgment and ability to act in the best interests of the Group.

The Articles of Association and the Companies Act (Chapter 24:03) provide that at least one third of the directors must retire at every annual general meeting and, if eligible, seek re-election.

Executive Directors

  • Mr. Strive Masiyiwa (Group Chairman)
  • Mr. Douglas Mboweni (Chief Executive Officer)
  • Mr. Roy Chimanikire (Finance Director)
  • Mr. Kris Chirairo (CEO – Econet Enterprises)

Non-Executive Directors

  • Dr. James Myers (Non-Executive Chairman)*
  • Mr. Hardy Pemhiwa
  • Mrs. Tracy Mpofu
  • Ms. Beatrice Mtetwa
  • Mr. Godfrey Gomwe*
  • Mrs. Sherree Gladys Shereni*
  • Mr. Martin Edge*
  • Mr. Michael Bennett*
*Independent
The Board has in place committees which assist it in dealing with issues in specific areas. The committees are governed by terms of reference set and approved by the Board. The committees report to the Board and make recommendations to it on matters dealt with by them. The Chairperson of each committee presents a report to the Board on behalf of the committee at every board meeting. Apart from dealing with specific matters delegated to them by the Board, the committees’ existence ensures that high standards of corporate governance are maintained in the Group.

The said committees are as follows:-

Audit Committee
Members: Mr. M Edge (Chairman), Dr J Myers, Mrs. S Shereni
Attendees: Mrs. T Mpofu, Mr. D Mboweni, Mr. K Chirairo, Mr. R Chimanikire

The Committee focuses on the quality of the Group’s financial reporting and the effectiveness of the Group’s systems of internal control and, in conjunction with the Risk Committee, risk management processes. It also oversees the integrity of internal audit and assurance and manages the relationship with the Group’s external auditors. The latter responsibility entails ensuring that the external auditors provide an effective and independent audit.

The Committee’s ultimate goal is to ensure the integrity of financial reporting and implementation of sound internal controls and risk management. The Committee considers and reviews reports from management with a view to assessing the quality of the financial reporting and compliance with disclosure requirements.

The external auditors attend the committee meetings to present their report on key matters and any findings deemed necessary to bring attention to the Committee. In terms of overseeing internal audit, the Group Chief Risk Officer attends the meetings and has direct communication lines with the Committee Chairman.

The Chairman and two members of the Committee are independent non-executive Directors.

Risk Committee
Members: Mrs. S Shereni (Chairperson), Mr. M Edge, Mr. D Mboweni

The Committee’s primary role is to oversee the effectiveness of risk and compliance management within the Group. The identification and management of risk are central to the Group’s objective of creating long-term shareholder value. Risks have the potential to impact the Group’s overall performance as well as its reputation. The Committee plays the critical role of identifying, analysing and assessing risk issues in order to prevent or minimize the likelihood of that impact.

The Committee co-ordinates and reviews information on risk management and ensures that the risk management systems are operating effectively. It reviews on behalf of the Board both operational and strategic risks with a view to ensuring that these are addressed timeously and effectively.

The Committee also monitors the Group’s compliance record, the objective being to ensure the Group meets its legal and regulatory obligations and in the process instill a culture of compliance and integrity.

The Group’s Chief Risk Officer attends the committee meetings and presents reports on risk management.

Remuneration Committee
Members: Dr. J Myers (Chairman)
Attendees: Mrs. T Mpofu, Mr. D Mboweni

The Committee’s overall responsibility is to review, on behalf of the Board, the Group’s remuneration structure and employment policies with a view to ensuring that the Group provides competitive rewards to attract, motivate and retain the required skills. During the year the Committee reviewed and recommended to the Board for approval, various incentive schemes aimed at retaining critical skills within the Group as well as alleviating the difficulties brought about by the continuing harsh environment.

The Committee also oversaw the implementation of a performance management programme; the programme entails an assessment of the individual’s performance, measuring this against performance targets. The objective of the programme is to not only achieve best performance by employees but, in the process, create long-term shareholder value. The programme also provides the opportunity to identify skills and capabilities for further development.

As part of its aim to enhance skills within the Group, the Committee also oversaw and approved a training and development programme. Under the programme various leadership and career progression development initiatives were implemented. Efforts were also made to address gender balance by increasing female representation at leadership levels. The Committee is chaired by an independent non-executive Director.

The Group’s Chief Human Resources Officer attends the committee meetings and presents reports on the Group’s employment profile.

Social and Ethics Committee
Members: Mr. G Gomwe (Chairman), Ms. B Mtetwa, Mrs. T Mpofu, Mr. K Chirairo

The Committee assists the Board in monitoring the Group’s social development programmes and initiatives, in particular the Group’s progress in relation to social investment, especially investments in community programmes. It also monitors ethics and integrity within the Group, having regard to the need to maintain the highest standards of governance and the strategic direction of the Group.

The Committee also oversees and monitors the Group’s Safety, Health and Environment (SHE) issues and performance, both in terms of its own policies and in terms of compliance with laid-down regulatory requirements. Alongside the Audit Committee, the Committee also oversees and monitors certain areas of market disclosure; it reviews the Group’s compliance with market disclosure obligations and sets guidelines for the release of information.

Three non-executive directors and one executive director make up the Committee.

The Board’s principal role is to formulate the Group’s strategy and review its strategic direction. It also maintains oversight of the performance of management with a view to ensuring the successful performance of the business.

Apart from the scheduled meetings at which it reviews the Group’s performance, the Board has access to senior management through which Directors can receive regular updates on the Group’s performance.

Directors also have direct access to the services of the Group Company Secretary who is accountable to the Board and who, through the board Chair, ensures that the Board and its committees follow and maintain sound corporate governance procedures. The Board is responsible for the preparation and presentation of the Group’s financial statements. It is the Board’s responsibility to ensure that the financial statements give a true and fair view of the Group’s state of affairs at the end of each financial period.

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Registered Address

Econet Wireless Zimbabwe Limited (ECO.zw)Address:- Econet Park, 2 Old Mutare Road, Msasa, Harare, Zimbabwe
Telephone:- +263-4-486121/6 | +263-772-222 500

Transfer Secretaries

First Transfer Secretaries (Pvt) Ltd (zw)Address:- 1 Armagh Avenue, Eastlea
P.O. Box 11
Harare, Zimbabwe
Telephone:- +263-4-782869/72

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