Econet ramps up corporate social responsibility
Friday, 05 November 2010 12:39
Workforce Solutions with Anthony Jongwe
At a time when the inclusive government is considering introducing controversial legislation aimed at compelling companies within the country’s burgeoning mining sector to implement comprehensive corporate social responsibility (CSR) programmes in communities they are operating within, Econet, Zimbabwe’s largest telecommunications company by subscriber base is forging ahead with its comprehensive CSR initiatives in education, health and environment. In a statement to shareholders accompanying its unaudited financial results for the half-year ended August 31 2010, the company advises: “To date, over 50 000 students have been assisted by the Group through its different social investment vehicles such as Capernaum Trust, Joshua Nkomo Scholarship Fund and the National Health Care Trust of Zimbabwe.” Over the years, Econet has built an enviable track record in CSR programmes which has seen it initiating various CSR initiatives in the country. Econet has reported a strong set of results which have seen its total assets increase by 21 percent from US$392,7 million to US$475,8 million with revenues surging by an impressive 79 percent from US$131,5 million to US$235,5 million in the six months. The company has also cemented its leadership position in the subscription stakes having seen its subscriber base growing from 3,5 million to nearly five million over the period. Over the same period, the company has expended US$5 million in assisting economically disadvantaged students under the Capernaum Trust and the Joshua Nkomo Scholarship Fund Established in 1996, the Capernaum Trust is a Christian faith-based, child-centred organisation operating under a Mem orandum of Understanding with the Government of Zimbabwe. It operates in all the 10 provinces of the country with headquarters in Harare. The trust transforms previously orphaned...
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