Technology news and insights in the Middle East, South Asia, and Africa
Technology News and insights in the Middle East, South Asia, and Africa
TAWASOL Group reported an 8.5% revenue increase in 2024, totaling 84.3 million dinars. Despite a 16% drop in local sales due to exiting the optical fiber business, strategic focus on high-value projects and Africa expansion contributed to growth in exports and the Telecom Network and aluminum extrusion divisions.
Vodacom’s shares rose 8.6% following a strong revenue report for the December quarter, with Egypt leading performance. Group revenue grew by 1.6%, while service revenue saw an 11.6% increase on a normalised basis. Despite currency challenges, the group remains optimistic about its growth, particularly in digital and financial services.
stc Group has become the largest telecom operator in MENA with a market capitalization of $57.7 billion. The company’s growth was driven by a 7.9% rise in mobile subscribers and a 2% increase in net profit. Additionally, stc launched Saudi Arabia’s first licensed digital financial institution, STC Bank.
The Telecommunications Regulatory Commission (TRC) in Jordan transferred JD175 million to the Treasury in 2024. The report also highlighted the processing of 18,715 customs declarations and the issuance of 3,415 type approvals for telecommunications equipment. Jordan ranked 83rd in mobile internet speeds and 34th in fixed internet speeds.
Pakistan faces potential losses of $1.8 billion (Rs 500 billion) in GDP due to unsold spectrum in the upcoming auction, attributed to high reserve prices. The GSMA urges more affordable pricing to avoid delays in the country’s 5G rollout, which could impact digital infrastructure and mobile data services.
Maroc Telecom’s debt surged by 6.6 billion MAD, making it the most indebted company on the Casablanca Stock Exchange. This increase, driven by a legal dispute resolution, contributed to a 17% rise in net debt among non-financial companies. The report also highlighted growth in turnover and investments across sectors.
Vodafone Qatar reported strong financial growth in 2024, with a net profit of QR601 million, driven by increased service revenue and EBITDA. The company continues to lead in digital innovation, sustainability, and customer experience, highlighted by key partnerships and technology advancements such as the launch of Instant SIM and 5G trials.
TELNET Holding Group reported a 13.2% increase in 2024 revenues, reaching a record 70 million dinars. The company saw significant growth across its R&D, Electronic Banking, MultiMedia, and Telecom activities, while also maintaining solid profitability and advancing its CSR/ESG initiatives.
Nigeria’s telecom companies face a 50% tariff increase approved by the Nigerian Communications Commission (NCC). The hike will raise the cost of calls and data bundles, adding pressure on Nigerians already struggling with inflation and rising living costs.
Tech Mahindra’s CEO Mohit Joshi is optimistic about 2025, expecting improvements despite a third-quarter earnings miss due to subdued telecom demand. The company saw a slight increase in revenue, with strong growth in BFSI and other segments. Tech Mahindra remains confident in its turnaround efforts and market demand.