Angola Telecom registers losses of 50 million USD in 2020

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A Angola Telecom it had losses in the order of 32,4 billion Kz (equivalent to 49,8 million USD) during the fiscal year 2020, according to the company's accounts published by the Institute for Asset Management and State Participation (IGAPE).

Losses were 21% lower than in 2019 (41,2 billion Kz) and similarly to what happened in that year, they are carried over to the current financial year, as proposed by the company's board of directors.The accounts show that Operating Income totaled 19,9 billion Kz in 2020, a decrease of around 17,59% compared to 2019. This variation was essentially due to the negative change recorded in the provision of services item , linked to the operational activity carried out by the company.

In this regard, it is important to remember that Angola Telecom is in the phase of disinvestment in services provided to the final consumer and is transferring this operation to third parties in order to focus on infrastructure operations, as recently advanced to Jornal de Angola by the minister of Telecommunications, Information Technologies and Social Communication, Manuel Homem.

On the other hand, other operating income and gains suffered a minor reduction. The reduction in invoicing in 2020 compared to 2019 resulted in the cleaning of the company's database (cancellations of customer lines and circuits, and some customers gave up). Refers to the report, Operating Costs, recorded an increase of 4,37% compared to the previous year. The Operating Result reached a negative value when compared to the previous year and presented a negative evolution in the order of 947,09%, standing at negative 4.726 million Kz.

Non-Operating Results registered a negative evolution of 136,58%, which means that there were fewer corrections from previous years, fewer fines and contractual penalties compared to 2019. Provisions were restored – doubtful collections.

With regard to assets, there was a decrease of 2,7%, from 120,3 billion to 117,08 billion Kz. Liabilities increased from 223,9 to 253,2 which represent a value of approximately 13,5% of equity and liabilities.

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