Sudatel Telecom Group Limited, one of the leading telecom companies serving the needs of customers in Sudan and Africa, reported its strongest earnings in five years announcing net profits of USD 50 million, a 67 per cent increase from the Group’s 2013 earnings.
The Group posted robust financial results with the earnings per share increasing from 0.150 cent in 2013 to 0.424 cent in 2014 marking a record increase of over 182 per cent.
The owner’s equity increased by 28 per cent from USD 418 million to USD 535 million in 2014 and the assets value jumped from USD 1.188 billion in 2013 to USD 1.24 billion in 2014.
Commenting on the results, Eng. Tarig Hamza Zain El Abdein, Chief Executive Officer of Sudatel Group, said: “Our figures reflect the excellent performance of the Group in 2014 and show potential for a promising future in the region that we already started witnessing in other areas of operations. In addition to the strong financial profits, Sudatel managed to tap the potential in other African countries, leading negotiations with vendors for its network expansion in Sudan and Senegal and concluding expansion agreements in Mauritania and Guinea Conakry while securing the finance required for all expansions.”
The news comes in parallel with the Abu Dhabi Chamber of Commerce and Industry announcement of a two-day “UAE-Sudan Investment forum” in cooperation with the Sudanese Ministry of Investment. The event will take place on the 12th and 13th of the month at the Jumeira Etihad Tower in Abu Dhabi and will host leading businessmen and dignitaries from both the UAE and Sudan who will explore investment and trade opportunities between the two countries. UAE and Sudan economic relations have witnessed a huge leap forward where Sudan now is one of the most prominent trade partners to the UAE.
“Sudatel has been one of the strongest trading stocks on the Abu Dhabi Stock market over the past 10 years. With today’s announcement, we are certain it will bolster the confidence of local potential investors in Sudatel and will demonstrate the growth possibilities of investing in and trading with Sudatel,” added Zain El Abdein.
Sudatel’s announcement came at an opportune time. It will play a major role in attracting investments to Sudan, which would result in a surge in the country’s growth and development and that will help promote the commercial ties between both countries.
With its diverse portfolio of subsidiaries ranging from Data Centres to Submarine Cable companies to Local Telecom Operators in Sudan and four West African Markets, including Mauritania, Senegal, Ghana and Guinea Conakry, Sudatel seems destined for a bright future. Sudatel has to elect a new board during this year’s assembly for a period of three years.