Economy: Sudatel to expand activities in West Africa [Pan African News Agency]
(Pan African News Agency Via Acquire Media NewsEdge) Khartoum, Sudan (PANA) - Sudan Telecommunication Group, Sudatel, says it is expanding its activities in a number of West African countries where it provides telecommunication services.
Sudatel, which focuses on the telecom business in five African - Sudan, Mauritania, Senegal, Ghana and Guinea - covering the areas of mobile, fixed, Internet and broadband services, said on Sunday it had now started making profits in those countries and was planning further investments there.
Following successive years of zero profit, during its investment in these African countries the company on Sunday announced it had made a net profit of US$28 million dollars, during the first half of the current fiscal year, 2014.
The company, which was founded two decades ago, with shareholders coming from the Gulf countries, Sudanese businessmen and private shareholders, has been investing heavily in those countries and seems to have made noticeable profit this year.
Tariq Hamza, the company's Executive Director, told a press briefing in Khartoum that the company had signed a memorandum of understanding, making available US$50 million to fund expansions in Mauritania. It said another 20 million Euros was being invested in Guinea to help expand and improve network coverage.
He said the financial turnaround was due to the high level of efficiency in Mauritania, change of market strategy in Senegal, stabilization of effort in Guinea and less losses coming out of Ghana.
The Chairman of the Board of Directors, Dr Abdul-Rahaman Mohamed, commented that the first half-year results were "good achievement for the group," which was now "moving from net losses in previous years to net profit with great momentum".
Sudanese businessmen hold about 23% of the shares in the company with Arab investors holding about 49%. Sudanese shareholders own the rest of the shares.
-0- PANA MO/MA 17Aug2014
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