Investors gave thumbs up to the completion of the three year turnaround at South Africa’s Telkom, with the stock surging on Monday early trade after the company published a good sets of 2016 full year financial results.
The stock surge 7.07% at R64.24 by 10:07am on Monday, pushing the company’s market value to R32 billion on the Johannesburg bourse.
The shares have risen 298% in the past three years since the company started its turnaround plan in 2013.
The South African-based telco reported on Monday morning that operating revenue rose by 14% to R37 billion in the year to end-March 2016. For the full-year, Telkom reported that normalised headline earnings per share – South Africa’s main profit gauge – climbed by 15.5% to 658 cents, while earnings before interest, tax, depreciation and amortisation (EBITDA) was up 16% to R11 billion.
The company also rewarded investors with second dividend to thank them for their patience while the business was being fixed. Telkom declared a 270 cents dividend, up by 10% compared to 2015.
Watch below Maseko delivering a message about Telkom’s financial results