Mobile operator Cell C has reported R2.3-billion in profit before tax, a huge turnaround in fortunes from the R10.6-billion PAT loss it reported a year ago.
Browsing: Douglas Craigie Stevenson
Cell C CEO Douglas Craigie Stevenson has criticised Telkom over its narrative that there is an abusive “duopoly” between Vodacom and MTN in South Africa’s mobile market, saying this argument no longer holds water.
Starlogik, a US-headquartered telecommunications specialist with its roots in South Africa, has partnered with Cell C to roll out what it calls the “first totally free virtual cellular offering”.
Cell C on Tuesday reported a full-year loss to 31 December 2020 of R5.5-billion. Dire as that sounds, it marks an improvement on the first half of the year, when it turned in a R7.6-billion loss.
There are three important takeaways from the Chasing the Sun rugby documentary series, all of which are relevant to South Africa’s mobile sector, says the Cell C CEO.
Cell C CEO Douglas Craigie Stevenson said on Thursday that the company plans to use both the Vodacom and MTN networks to provide cellular services to its customer base.
Cell C has begun the planned migration of its customers off its radio access network as it moves to shut down this infrastructure to save costs. But instead of the clients being migrated to MTN, the’re going to Vodacom.
Cell C has net debt, excluding leases, on its balance sheet (prior to a planned recapitalisation) of almost R10-billion, but it still wants to participate in South Africa’s upcoming spectrum auction.
Cell C has reported an interim net loss after tax for the six months to June 2020 of R7.5-billion, but said this was mainly the result of once-off costs and adjustments and that normalised earnings actually grew by 64%.
Ten years after it launched its first mobile offering in the form of 8ta, Telkom has surpassed Cell C to become South Africa’s third largest mobile operator by subscriber numbers.