Key points
-
Strive Masiyiwa will pocket $7.4M from Econet dividends.
-
Econet profit more than tripled in the first half.
-
Shareholders backed a share buyback plan to boost value.
Zimbabwe’s richest man, Strive Masiyiwa, is set to take home $7.4 million from Econet Wireless Zimbabwe’s latest dividend payout.
The telecom giant announced it will share $15.5 million among its investors after a strong first half of the year.
The interim dividend, pegged at $0.006 per share, marks a 46 percent jump compared to the same period last year. Shareholders will receive their payout on September 24.
Masiyiwa, who owns nearly half of Econet through his 47.5 percent stake, remains one of Africa’s top dividend earners in the telecom sector.
Strong profits drive higher returns
Econet’s results explain the bigger dividend. In August, the company reported $823 million in revenue, up 23 percent year-on-year.
According to a report by Billionaires.Africa, Profit also surged, climbing to $86.1 million, more than three times what it earned a year ago.
The company’s growth is tied to its heavy investment in networks and digital services. Econet rolled out 77 new 4G sites and 60 new 5G sites in recent months. It also raised capital spending by 50 percent, channeling $131 million into upgrades and new AI-powered services.
Beyond mobile, Econet’s insurance and payment platforms also recorded strong gains, showing its push to diversify income streams.
Expansion strengthens Econet’s position
At its annual general meeting in August, shareholders approved a share buyback plan. The board now has the green light to repurchase up to 10 percent of issued shares, at no more than 5 percent above the average market price.
Econet dominates Zimbabwe’s telecom market with more than 14 million subscribers. It holds nearly 73 percent of the mobile market and about 81 percent of the data market.
Masiyiwa’s company has also spread far beyond Zimbabwe. Today, Econet operates in more than 20 countries across Africa, Europe, South America, and East Asia.
