State-owned mobile network operator NetOne has delivered a landmark performance in the past year, posting unprecedented revenue and profit growth while aggressively expanding its high-speed 4G and 5G infrastructure. The company’s latest results, unveiled at its Annual General Meeting (AGM), signal a bold push to cement its position as a leader in Zimbabwe’s increasingly competitive telecommunications sector.
NetOne reported a remarkable 62% year-on-year increase in revenue — one of the strongest growth rates in the company’s history. The surge was largely driven by soaring demand for mobile data and voice services, as Zimbabweans embrace digital platforms for work, education, and entertainment amid a rapidly evolving technological landscape.
“Revenue rose by 62% compared to the prior year, driven primarily by strong performance in data and voice products,” said NetOne Group CEO Raphael Mushanawani. He described the growth as a reflection of a robust business strategy that has allowed the company to weather persistent economic headwinds including inflation, currency instability, and infrastructure constraints.
Profitability also saw a major boost, with Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) jumping 68%. This demonstrates NetOne’s growing ability to manage costs efficiently while scaling up its service offerings. “Our resilient commercial model has enabled us to not only survive but thrive, despite Zimbabwe’s challenging macroeconomic environment,” Mushanawani noted.
The standout metric at the AGM was a staggering 110% leap in data revenue, underscoring Zimbabwe’s rapid digital transformation. With more people working remotely, attending online classes, and streaming entertainment, the appetite for fast, reliable mobile internet has never been greater.
“Zimbabweans are embracing cloud-based communication, e-learning, and remote work tools at an unprecedented pace,” Mushanawani said. “Our data revenue growth confirms that our investments in network capacity and quality are paying off.”
NetOne Posts Record Growth Amid Aggressive 4G and 5G Network Expansion
To support this demand, NetOne made significant capital investments over the past year. The company deployed 86 new base station sites, including 264 LTE (Long Term Evolution) installations and 16 5G-ready towers. Importantly, all new sites offer 4G or higher connectivity, which Mushanawani described as a “non-negotiable” standard for modern digital communication.
However, this expansion has not come without challenges. The telecoms sector in Zimbabwe faces sharp currency depreciation, rising import costs for equipment, frequent power outages, and ongoing foreign currency shortages — all factors that complicate network development and operational efficiency.
Nevertheless, NetOne’s foray into 5G, still nascent in Zimbabwe, positions the company on the cutting edge of technology. The new network will support high-definition streaming, virtual conferencing, and future applications like industrial Internet of Things (IoT) and precision agriculture.
While widespread consumer adoption of 5G hinges on the availability and affordability of compatible devices and data plans, the investment lays a critical foundation for long-term growth, particularly in enterprise and public sector markets.
“NetOne is no longer content to play catch-up,” Mushanawani declared. “We are setting the pace in Zimbabwe’s digital transformation.”
Telecommunications remains one of Zimbabwe’s few sectors with the potential to generate export revenue through cross-border roaming and to drive digitisation across finance, education, and health sectors.
Economists say NetOne’s performance offers a rare beacon of optimism in an economy struggling with inflation, power shortages, and foreign currency constraints.
Yet, sustaining this growth trajectory will not be without hurdles. Analysts warn that regulatory uncertainties, volatile exchange rates, and rising operational expenses pose ongoing risks.
Furthermore, lower-income consumers risk being priced out as operators increasingly peg services to the more stable US dollar, while local currency fluctuations hamper long-term planning for both providers and users.
The competitive landscape also remains fierce. With rivals like Econet Wireless aggressively expanding their own 4G and 5G networks, Zimbabwe’s mobile market is rapidly becoming a high-stakes battleground.
For now, though, NetOne’s record-breaking financial results and network upgrades suggest that the state-owned telecom giant is not just surviving but thriving — firmly positioning itself as a key player in Zimbabwe’s digital future.
Source- Bulawayo24
