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We will continue modernising our network infrastructure to unlock opportunities presented by emerging technologies to broaden and diversify our service offering. Artificial intelligence and process automation will be pivotal in improving operational efficiencies and customer service delivery.
Dr J. Myers, Chairman of the Board
Econet Wireless Zimbabwe
Econet Wireless Zimbabwe is a diversified telecommunications group; it is the largest enterprise of its kind in Zimbabwe.
Company Information
Our Share Price in Action
Investor News
Press Announcement to Econet Wireless Zimbabwe Limited Shareholders
This Press Announcement relates to the proposed Scheme of Reconstruction between Econet Wireless Zimbabwe Limited (Econet) and EcoCash …
Econet Wireless Zimbabwe Dividend Declaration Notice
Econet Wireless Zimbabwe declares a dividend of 0.55 US cents per share
Econet Wireless Zimbabwe – Cautionary Announcement
Further to the Cautionary Announcements dated 5 April 2023 and 27 April 2023 respectively, Shareholders are advised that …
Econet Wireless Zimbabwe – Cautionary Announcement
Further to the Cautionary Announcements dated 5 April 2023 and 27 April 2023 respectively, Shareholders are advised that …
Econet Wireless Zimbabwe – Trading Update for the third quarter ended 30 November 2023
Operating environment The Company has been actively developing its network capabilities and securing its services in response to …
Documents and Reports
Econet invites you to review its latest published financial reports: half year reports, annual reports / reference documents. All the listed documents may also be downloaded for further perusal.
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Zimbabwe : Technology
Econet Wireless Zimbabwe Limited (ECO.zw) Press Announcement: Proposed Scheme of Reconstruction between Econet and EcoCash Holdings
2024 Circulars -
Zimbabwe : Technology
Econet Wireless Zimbabwe Limited (ECO.zw) Q32024 Interim Report
Q32024 Interim Reports -
Zimbabwe : Technology
Econet Wireless Zimbabwe Limited (ECO.zw) HY2024 Interim Report
HY2024 Interim Reports -
Zimbabwe : Technology
Econet Wireless Zimbabwe Limited (ECO.zw) 2023 Annual Report
2023 Annual Reports -
Zimbabwe : Technology
Econet Wireless Zimbabwe Limited (ECO.zw) Full Circular to Shareholders
2023 Circulars -
Zimbabwe : Technology
Econet Wireless Zimbabwe Limited (ECO.zw) Abridged Circular to Shareholders 2023
2023 Circulars -
Zimbabwe : Technology
Econet Wireless Zimbabwe Limited (ECO.zw) Q12024 Interim Report
Q12024 Interim Reports -
Zimbabwe : Technology
Econet Wireless Zimbabwe Limited (ECO.zw) 2023 Abridged Report
2023 Abridged Reports -
Zimbabwe : Technology
Econet Wireless Zimbabwe Limited (ECO.zw) 2nd Cautionary Announcement
Q12023 Circulars -
Zimbabwe : Technology
Econet Wireless Zimbabwe Limited (ECO.zw) Q32023 Interim Report
Q32023 Interim Reports
Financial Summary
The facts that affect Econet’s underlying value.
| 28 Feb 23 | 28 Feb 22 | 28 Feb 21 | 28 Feb 20 | 28 Feb 19 | |
|---|---|---|---|---|---|
| Revenues | 339,167,367,000 | 282,151,779,000 | 57,932,621,000 | 28,242,482,000 | 5,177,236,000 |
| Attributable PAT | (16,684,879,000) | 40,100,046,000 | 1,098,575,000 | (5,937,316,000) | 697,954,000 |
| Shareholders Funds | 436,814,128,000 | 234,926,168,000 | 75,686,690,000 | 41,792,357,000 | 9,431,529,000 |
| Net Interest Bearing Debt | 46,373,818,000 | 9,885,553,000 | 2,583,286,000 | 3,339,392,000 | (766,630,000) |
| Cash On Hand | 49,087,722,000 | 21,644,813,000 | 6,417,605,000 | 2,641,620,000 | 1,707,435,000 |
| Interest Bearing Debt | 95,461,540,000 | 31,530,366,000 | 9,000,891,000 | 5,981,012,000 | 940,805,000 |
| Net Current Assets | (12,251,458,000) | 15,130,791,000 | 7,407,608,000 | (1,881,487,000) | 319,492,000 |
The Public Accountants and Auditors Board (PAAB) issued a pronouncement on 11 October 2019 indicating that the economy had become hyper-inflationary, and recommended the adoption of International Accounting Standard (IAS 29) “Financial Reporting in Hyperinflationary Economies”. The financial statements from FY 2019 onwards were prepared using the hyperinflationary accounting basis to achieve fair presentation at the reporting date. Financial figures in the table above prior to FY 2019 are based on historical cost reporting.
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: three executive directors, three non-executive directors and six 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.
* Independent
Committees to assist the Board exercise its authority
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:-
Note: Following changes in the Directorate, the Board Committees will be reconstituted and updated accordingly.
Audit Committee
Members: Mr M Edge (Chairman), Dr J Myers, Mr G Gomwe, Mr H Pemhiwa, Miss ET Masiyiwa
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: Mr G Gomwe (Chairman), Mr M Edge, Mr M Gasela
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 instil a culture of compliance and integrity.
The Group’s Chief Risk Officer attends the committee meetings and presents reports on risk management.
Nominations Committee
Members: Dr J Myers (Chairman), Mr H Pemhiwa, Ms B Mtetwa and Dr J Chimhanzi.
The Committee assists the Board in determining its composition and that of its committees as well as in succession planning and appointments. It reviews these compositions regularly to ensure they are operating effectively and that they continue to have the right mixture of skills, experience and expertise. Dr J Myers, an independent non-executive director, chairs the Committee. Other members are Mr H Pemhiwa, Ms B Mtetwa and Dr J Chimhanzi.
Remuneration Committee
Members: Dr J Myers (Chairman), Mr H Pemhiwa, Ms B Mtetwa, Dr J Chimhanzi
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.
Environmental, Social & Governance Committee
Members: Dr J Chimhanzi (Chairperson), Ms T Moyo, Mr G Gomwe, Mr M Gasela, Miss ET Masiyiwa
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.
All members of the committee are non-executive Directors.
Role and responsibilities of the Board
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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P.O. Box 11
Harare, Zimbabwe
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