AccessKenya, the Kenyan Corporate Data and Internet Solutions Provider on Wednesday announced a profit of Kes 109 million for the 2011 financial year. This, coming from a Kshs 8M loss the previous year shows a massive comeback for the Internet giant. CEO Jonathan Somen attributed the success to their reliable data network that has lead to increased customer subscriptions.
“Our corporate leased lines grew from 3,900 to 4,700 compared to the same period in 2010. This is an indication that we remained steadfast in our core business – corporate data and Internet solutions. More and more customers have realized that we have the best network and are signing up for service,” he said.
AccessKenya Chief Finance Officer Mr. Peter Ndirangu said the company’s Earnings before Interest, Taxes, Depreciation and mortization (EBITDA) margin rose to 35% up from 22% in the same period in 2010. “Our EBITDA amount has increased by 58% to Shs594m in 2011 from 375m in 2010. The gearing ratio also improved to 79% in 2011 from 83% in 2010,” said Mr. Ndirangu.
Access Kenya sees a bright future in the industry mainly in the corporate data segment where they maintain a tight grip, something slightly over 25%. This they still believe is quite low, leaving an opportunity for growth.