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Hoofddorp (pte029/04.03.2005/13:30) - Pan-African mobile communications group Celtel http://www.celtel.com has announced that net profit more than doubled to 147 million dollars for 2004 compared to 73 million dollars one year ago. As the company reports in a press release on its website, revenues were up by 62 per cent to 614 million dollars on a consolidated basis, due to strong organic growth of the customer base and the major acquisition in Kenya. Excluding the Kenyan operation, the Group grew its revenues by 42 per cent and customers grew by 60 per cent. http://www.celtel.com/en/news/press-release22/index.html
According to Marten Pieters, the company's chief executive, the group is seeing good returns from its investment across the sub-Saharan region. "The group is delivering strong organic growth in all our operations and we are now building on our unique position in East Africa as the only operator in each of Kenya, Tanzania and Uganda," he said. "We invested more than 250 million dollars in infrastructure in Africa in 2004, an increase of 140 per cent to the previous year. Our focus is to continue to invest in our pan-African business and premier brand at a time of rapid growth for mobile telephony on the continent," Pieters added.
According to the company, EBITDA increased by 59 per cent to 200 million dollars as a result of strong growth in revenues and cost controls. The group had net finance costs of 48 million dollars, this increase being mainly due to the costs of refinancing. The company's acquisition in Kenya raised more than 100 million dollars from shareholders. Celtel also raised funds by profitably selling minority stakes in China Resources Peoples Telephone in Hong Kong, Vodafone Egypt and Sudatel in Sudan. Sub-Sahara Africa is currently the world's fastest growing region for mobile telecommunications. According to Celtel, it intends to continue its programme of investments in licenses and networks in Africa.
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