The Board of Directors of Sudatel Telecom Group has approved the Group’s financial results for the year ended Dec 31, 2018 at its board meeting held on Wednesday, March 27, 2019 at The Group’s head office in Khartoum.
Sudatel’s financial performance for 2018, like all other businesses in Sudan, was impacted by a major currency devaluation in Sudan.
Key figures:
- Net profit of US$32 million compared to US$45 million in 2017.
- Overall operating revenue of US$326 million down by 36% from US$513 million 2017.
- Revenue of operations in Sudan up 49%.
- West African subsidiaries contribution to Group’s operating revenue increased from 34% in 2017 to 51% in 2018. This is a result of recent investments made by the Group in West Africa including network upgrades and expansion. Additional investments are also underway in 4G technology, network coverage and customer experience that will increase revenues.
Commenting on the results, the chairman of the Group, Dr. Fadul Abdalla Fadul noted, “We adopted a very clear strategy of partnering with successful international firms to expand our operations both in Sudan and in West Africa. This strategy is serving us well and will be continued.”
Sudatel’s CEO, Eng. Tarig Hamza Zain Elabdein, said “Sudatel has moved from being a telecom operator providing voice and data to an ICT solution provider.
The Sudatel Data Center is one example of this with customers that include large institutions in Sudan such as banks, Public incorporations and insurance companies. We are also hosting Google’s servers and this vote of confidence in our data center has boosted our reputation globally.”
The national auditor for the Republic of Sudan and the representatives of foreign audit firms have expressed their gratitude to Sudatel’s management for its collaboration and congratulated the company’s progress in settling its debts from its own resources. The Group’s negative working capital has decreased from USD 380 million in 2012 to USD 134 million in 2018.
Sudatel Group and its subsidiaries in Mauritania, Senegal, Nigeria and Ghana (submarine cables), in addition to its office in Dubai, are audited by a network of foreign professional auditors: EY, HLB and AFACOR in Mauritania.
Sudatel is the only Sudanese company quoted on the Abu Dhabi Stock Exchange and the largest company listed in Khartoum Stock Exchanges. Its financial results are published systematically on the websites of the above mentioned markets.
Source: Sudatel Press Release
