• Econet InfraCo made a profit of US$13.7 million on revenue of US$70.1 million in its first six months as a listed company
  • Econet and its sister companies paid about 98% of that revenue, so InfraCo’s earnings depend almost entirely on one customer
  • The share price is about a quarter below its first day of trading, and the full-year results will need to show new customers, faster cash collection and a first dividend

Harare- Econet Infrastructure Company (InfraCo) made a profit after tax of US$13.7 million in the six months to 31 August 2026, its first half year results since listing on the Victoria Falls Stock Exchange (VFEX) in March.

Econet Wireless Zimbabwe moved its telecom towers, the power systems that keep those towers running, and its land and buildings into InfraCo ahead of the listing. Econet kept 70% of InfraCo and handed the remaining 30% to its own shareholders. Renting out space on towers and properties brought in US$30.8 million in the half, and selling electricity to run the towers brought in US$39.3 million.

Econet and its sister companies paid US$68.97 million of the US$70.09 million in revenue, about 98%. InfraCo’s profit is therefore largely what Econet agrees to pay it, under agreements between companies controlled by the same group. Shareholders who own the other 30% depend on prices set inside that group.

A tower costs much the same to run whether one network or three hang equipment on it, so each extra tenant adds revenue at little extra cost. Helios Towers, which runs towers across Africa, averages more than two tenants per tower. NetOne and Telecel, Zimbabwe’s other mobile operators, ran almost 6,000 base stations between them at the end of 2025, against 7,143 for Econet.

Outside customers paid InfraCo about US$1.1 million in the half. Bringing NetOne and Telecel onto InfraCo’s towers is the clearest route to higher profit, and would turn InfraCo from Econet’s landlord into a national tower company.

Diesel and other energy cost InfraCo US$21.1 million in the half, more than 60% of its direct costs, as conflict in the Middle East pushed up fuel prices. Solar panels and batteries on sites, AI software to manage generators and better grid supply cut fuel use by 30%. Construction has started on the first phase of a 100MW solar farm at Tech City near Harare’s airport, with first power due by early 2027. Cheaper power should lift profit.

InfraCo made US$29.0 million of operating profit before depreciation, interest and tax, and only US$14.2 million of that arrived as cash. Econet companies owed InfraCo US$21.4 million at the end of August, close to two months of what they pay it. Spending of US$6.5 million on new equipment and US$5.3 million on leases left US$2.6 million in the bank. The board has approved a further US$22.4 million of spending, to be funded from InfraCo’s own cash and new borrowing where needed.

InfraCo holds assets of US$255.2 million, mostly towers, power equipment, land and buildings, against total liabilities of US$93.7 million. Its main debts are a US$26.6 million loan from an Econet company and US$21.3 million owed on leases. Those debts equal less than one year of operating profit at the current pace, so borrowing is not a pressure point.

InfraCo listed at a value of around US$1 billion and closed its first day at 30 US cents a share. The shares stood at 22.7 US cents on 18 September, valuing the company at US$679.2 million, about a quarter lower. About US$7,100 of shares changed hands that day, so trading is thin. Investors at that price pay about 25 times the profit InfraCo would make if it repeated this half’s result over a full year. Helios Towers is valued at about nine times its operating profit and InfraCo at about 12 times, and Helios earns a higher margin with more tenants on each tower.

InfraCo’s first six months show a profitable, asset-rich business making money from Econet’s network. The results show no progress in winning business beyond Econet, keeping its fuel savings or collecting cash quickly, and the share price already assumes those things will come. A tower network shared by all three operators would also stop Zimbabwe’s networks duplicating towers and generators, and lower the cost of taking coverage into rural areas.

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