Cell C on Tuesday reported a net profit of R4.1 billion for the year to end-December 2017, reflecting a 660% rise, benefiting from a once-off gain of R4.1bn arising from the recapitalisation transaction.
The aim of the transaction was to generate a healthy and sustainable balance sheet for the business and combined with the turnaround strategy, this has been accomplished. The restructuring involved Net 1 and Blue Label Telecoms.
The mobile phone operator said positive net equity of the business of R3.8 billion and the reduced debt from R17.7 billion to just over R6.8 billion are both indicative of the work put into generating a vigorous business.
The company is now turning its focus on expanding through acquisitions.
Cell C’s fibre division has also shown excellent growth and the company revealed on Tuesday that it “is in the process of making several acquisitions in this space”.
Furthermore during the second quarter of 2018, Cell C plans to release a full triple play offering that will include unlimited and uncapped fibre, mobile voice and data and entertainment services through its black platform.
“Cell C will continue to focus on providing value based products and services to the South African consumer and we are continuously looking at strategic partnerships to enhance the value that we offer customers,” the company said.