Blue Label Telecoms Group May Venture Into Nigeria and Ghana

By Rebecca Wanjiku
Wed, August 27, 2008

IDG News Service —

South Africa's Blue Label Telecoms Group is exploring opportunities in Nigeria and Ghana after announcing a 25.5 percent increase in net profits for the year.

Final results for the financial year ended May 31 reported revenue of 12.5 billion rand (US$1.6 billion) and a net profit of 207 million rand. The results, which were the first since the company listed on the Johannesburg Stock Exchange, were web cast for a global audience.

"The group's good full-year performance is attributable to good trading results and stringent asset management," said Brett Levy, joint CEO of Blue Label. "The group is highly liquid and well-positioned to support the funding of potential acquisitions without impairing its working capital requirements."

Microsoft in November 2007 bought 12 percent of the company, which has provided assistance in exploring new business opportunities. An advertising revenue share model is anticipated to begin generating revenue in the next 18 months, said joint CEO Mark Levy.

Blue Label deals in prepaid airtime and electricity, bill payment, electronic funds transfer, loyalty programs, stored value cards, location-based services, and other physical and virtual prepaid electronic tokens of value.

The company has operations in India and is set to open its Mexican subsidiary next month.

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