BTC Resilient in the Face of COVID- 19
Botswana Telecommunications Corporation Limited (BTC) continues to show resilience, recording revenues of P1.4 billion and a profit before tax of P 127 million for the reporting period ended 31 March 2020.
For the year under review, the Telco giant has also seen its margin improve to 24.4 percent despite the tougher trading conditions in a very competitive environment. “We continue to monitor developments related to the COVID-19 pandemic and the impact on our operations. We have taken several initiatives to further strengthen our financial position and balance sheet going forward,” said BTC Managing Director, Anthony Masunga.
“Given the operating environment BTC did well in the review period. I appreciate the holding off the dividend in the interim because of the market uncertainty. This was the best thing to do as they will keep the cash to grow the business. The pandemic caught us unaware and we did not know it would hit us in such a way,” said Garry Juma, Head of Research at Motswedi Securities.
Due to the uncertainties presented by the COVID-19 pandemic, the BTC Board has recommended that out of prudence no final dividend be declared in order to retain cash in the business, earning the praise from Juma, who said this is an appropriate measure to keep the business afloat during this period.
BTC is currently celebrating their 40 Years Anniversary dubbed “40 Years of Progress”, as they reflect on their technological advancements and role in anchoring the national economy.
According to Masunga, BTC’s fixed and mobile networks will continue to provide a superior customer experience as they create seamless services using a combination of fixed broadband and wireless technologies to meet customer needs in homes, offices, and on the go. He said the recent investments in fixed and mobile broadband puts them in pole position for the next phase of growth by differentiation through reliability, speed and coverage, laying a foundation for the 4th Industrial Revolution.