Botswana Telecommunications Corporation (BTC) revenue for financial year ended 2011/12 has surged past the P1 billion mark, according to the Corporations financial report.
Announcing the results, Chief Executive Officer, Paul Taylor, said the revenue stands at P 1.187billion, the highest yet in the BTC’s history. Last year, the company posted P 1.086 billion in revenue. The latest results show a 9 percent increase, Taylor said.
He pointed out that during the year under review, sales of goods and services went up by 10 percent, pushing profit to P 236. 9 million compared to the P227.4 million for the 2010/11 financial year.
The BTC’s operating costs, weighing in at P 992 million, remained within “acceptable range”, Taylor indicated.
“We have been very vigilant in cutting costs, nonetheless for that we will continue to be prudent and make sure that we spend on those activities which yield the most value to our customers and other stakeholders,” said Taylor.
The BTC chief executive admitted here were challenges, evidenced by growing competition, to maintain growth and retain BTC’s fortunes. He said the Corporation had devised a three-year strategy.
Further, he described BTC’s journey to the future as unfolding in three stages: first a focus on fixing basics; secondly creating the platform for change and embarking on transformational activities; and thirdly realising the Fixed Mobile Convergence vision.
“Our core business ideology premised on this new strategic approach requires us to plan and act in execution as one team,” Taylor added. “One team made up of two types of people; those who serve the customer and those who serve those who serve the customer.”
Meanwhile, BTC Group Chairman, Leonard Makwinja, has handed over a dividend cheque of over P 59 million to the shareholder, the Ministry of Finance and Development Planning.
Deputy Secretary for Macro Economic Policy, Stanley Makosha, said his ministry was happy to receive the cheque on behalf of government. Makosha added that the Corporation should not feel constrained to release dividends that are over and above the 25 percent threshold as it is only a minimum requirement.
“Government sources of funding need to be augmented, one way or the other, to finance and facilitate socio-economic developments as the economy emerges from the global economic crises,” he said.
He stated that the ministry is aware of the progress made with regard to the privatisation of BTC and continued to contribute to the efforts made towards implementation of the transaction.
Makosha further said according to the records, BTC made a profit of P58.3m in 2008, P119m in 2009, P181.1m in 2010 and P227.3m in 2011. This time around, the profit had increased to P237m.
“We believe in the long run the reforms will bring efficiencies, growth and prosperity of the Company,” said Makosha.