Cell C Report

One of South Africa’s largest telecoms, Cell C, made a loss of nearly $150-million between 1 June 2021 and 31 May 2022, according to a report from Blue Label Telecoms, which bought a 45% stake in the company in 2017. In a statement released last year, Cell C CEO Douglas Craigie Stevenson said that Cell C’s financial performance had improved, making a net profit of $9.8-million, and the business was making “good progress on the implementation of our new business model and the introduction of new products to market.” Cell C also said it had grown its subscribers from 11.7-million in H1 2020 to 13 million by the end of 2021. But despite its growth in users it continued to post losses in revenues. At that time the company said that the contract and broadband revenue decreases were in line with...