Sudatel Telecom Group held its 24th annual General Assembly Meeting, in Khartoum, on Saturday 20th May 2017. The meeting voted on and approved the board of directors’ report for the financial year ended 31/12/2016, as well as the financial statements and auditors report to the company for the same year.
The outcome of this meeting is summarized as below:
Sudatel ended the year with net profit of USD 47 million and 11,7 million subscribers with an increase of 2.5% compared to 2015. Revenue from operation is increased by USD 40 million (9%) from USD 436 million in 2015 to USD 476 million in 2016. At a time of rising inflation, currency devaluation and recession caused by the drop in international oil and commodities prices that impacted the economies of most of the countries where we operate.
The picture is even brighter in terms of Gross Profit which recorded 18% growth from USD 155 million posted in 2015 to USD 183 million posted in 2016; a positive variance of USD 28 million.
The drop in Net Income, due to the increase of tax in Sudan, impacted the Earnings per Share, which dropped from USD 0.0426 per share in 2015 to USD 0.0388 in 2016.
Commenting on these results, Eng. Tarig Hamza Zainelabdin, CEO of Sudatel said:” The above achievements were made possible by a number of factors including the commencement of the implementation of our long-term strategic business plan, implementation of effective sales and marketing strategies, fine-tuning of our business model and network work expansion and optimisation.
Source: Sudatel Press Release