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[2008-09-08] 'AccessKenya' Beats Forecast
with high Profit Growth Rate
Coastweek - - AccessKenya Group, Kenya’s first publicly listed ICT company and leading Corporate Internet Service Provider, today announced its results for the half year ending June 2008 with revenue and profit growth comfortably exceeding its forecast range of 50 – 60per cent.
Revenues for the six months ending June 2008 were K Shs 682 million – a 76per cent increase on the K Shs 387 million achieved in the same period in 2007. Profit after tax before extraordinary items rose by 62per cent to K Shs 104 million – a very significant increase on the K Shs 64 million achieved in the same period in 2007.
“We are delighted to announce that revenues and profits for the half year ending June 2008 have strongly exceeded our original target growth rate of 50 – 60per cent, with revenues growing by 76per cent and profits by 62per cent compared to the same period last year.
“The core corporate internet business has powered through the months of political upheaval and delivered strong growth in customer numbers, Average Revenue Per User and net profit, all at the same time as delivering ever increasing levels of speed and value for money to our customers.” commented Jonathan Somen, Group Managing Director.
“We are now purchasing over 300mb of international capacity which we believe makes us the largest buyer of international capacity in Kenya.
“While this capacity is highly utilized by day, it is far less used at night and this excess night capacity will form the “backbone” of guaranteed high speeds for our home broadband customers who are already being installed on our $3.5 million Alvarion Wi-Max network with 35 base stations around Nairobi and Mombasa.
“We expect to see significant traction in the sales of Access @ Home in the second half of this year as residential customers enjoy levels of high and guaranteed speed and reliability backed up by corporate style customer service not seen before in Kenya.”
