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BUSINESS and FINANCE REVIEW 2020 MANAGEMENT DISCUSSION & ANALYSIS Business and Finance Review 2020 P.1

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BUSINESS and FINANCE REVIEW 2020 MANAGEMENT DISCUSSION & ANALYSIS Business and Finance Review 2020 P.1 BUSINESS AND FINANCE REVIEW 2020 MANAGEMENT DISCUSSION & ANALYSIS Business and Finance Review 2020 P.1 About us Somtel is a leading telecom and technology service provider with the widest network coverage in the Somali region. From our headquarters in Hargeisa and guided by our values, we are delivering an ambitious, new digital world to our 78% telecom customers across Somaliland, Somalia and Puntland - one of the region’s fastest growing for mobile telecommunications. We have grown fast by investing a superior communication infrastructure, and by harnessing the capacity of our people. We now offer voice, data and digital services toretail customers in our 3 markets in which our operations have telecom licenses. We also offer enterprise solutions to corporate and public sector customers. Overview The telecommunications sector is proven to be struggled with the coronavirus pandemic. the bedrock of most prosperous economies. Somaliland witnessed mainly the economic This is even more poignant for Somaliland as the impact of the pandemic from the month of advent of mobile money means that it is also the March onwards, when the government pro- most vital pillar of the country’s economy. With actively decided a country wide lockdown to COVID-19 and an aggressive price competition, reduce the spread of the virus. During the the sector has gone through turbulent times lockdown, the importance of the telecom over the past year with industry revenue collaps- sector was yet again underscored. Telecom ing. However, Somaliland’s internet and phone infrastructure acted as the backbone of the user base has grown rapidly over this period, economic activity during the challenging time propelled by the decreasing cost and increasing when every business was operating from a availability of smartphones and high-speed con- remote location. Somtel demonstrated its nectivity at affordable prices. With this, Somali- commitment to keep all its customers con- land is on track to become one of the best tel- nected all the time by undertaking special ecommunication markets in the region. During measures to assist low income group cus- this period of uncertainty, Somtel has been able tomers impacted by the COVID-19 crisis. The to defend its ground by holding on to its market Company introduced a $1 bundle with 5GB share. This can be attributed to Somtel’s strategy of internet and 500 mins so as to ensure of not simply being a pipe providing connectivity even low-income customers could stay con- but being an ecosystem of digital services with nected. Network investments were advanced an aim to win quality customers across verti- to boost network capacity in order to tackle cals and offer them brilliant experience across the upsurge in data consumption and ensure all touch points. Equally, very strong network uninterrupted mobile broadband connectivi- Keep up to date with us: investments and a reliable trustworthy brand ty to its retail and enterprise customers. Dur- has held the company very well even in testing ing the year, Somtel continued its focus on times. quality customers and maintained its obses- https://www.facebook.com/somtel4u sion with superior networks and seamless The government continues to be cognizant of experience to the customers. Somaliland’s https://twitter.com/somtel the stress faced by the sector as it is yet to legis- favourable market dynamics provide Somtel late for interconnectivity between the country’s significant mobile data and mobile money opportunities to capitalize on. With presence https://www.youtube.com/channel/UCt_BH6wu5STo191v-CMAu7A operators. Also, the temporary halt on the im- portation of towers and other relevant materials in underpenetrated geographies with prom- has proven to be a burden on telcos. During the ising macroeconomics, demographics and https://www.linkedin.com/company/somtel-international-ltd/about/ last quarter of the financial year, the whole world tele-density, Somtel stands to gain from its Somaliland operations. P.2 Business and Finance Review 2020 Business and Finance Review 2020 P.3 The year 2020 has started with the COVID-19 pandemic which is inflicting high and rising human costs worldwide. As a result of the pandemic, the global economy is projected to contract sharply by (negative) 3% in 2020, while as the pan- demic fades in the second half of 2020, the global economy is projected to grow by 5.8% in 2021. As per IMF, effective policies are essential to forestall worse outcomes. The pandemic impact is expected to have two phases: a phase of containment and stabilization followed by the economic recovery phase. The economic growth for 2020 may get impact- ed in the first phase due to necessary measures required to reduce con tagion and protect lives. The recovery phase in Economic & late 2020 is expected to mark substantial targeted fiscal, monetary, and financial market measures to support affected Environment households and businesses. Review Africa The Sub-Saharan Africa economy grew by 3.1% in 2019 vs. 3.3% last year. The economic activity in Sub-Saharan Africa was impacted by softening external demand, heightened global policy uncertainty,and falling commodity prices. Domestic fragilities in several coun- Global GDP continued its trend with a growth of 2.9% tries further constrained activity. The growth was driven majorly by countries like Nigeria, Gabon, Chad, Ghana, Côte d’Ivoire, Ethiopia, in 2019 vs. 3.6% last year, despite weakness in global Kenya, Tanzania, Uganda, and DRC. trade and investment. This weakness was widespread, affecting both advanced economies – particularly the Euro Area – and Emerging Market & Developing With the recent crude oil price drop, dollar appreciation and global coronavirus impact, economic growth in Sub-Saharan Africa is Economies (EMDEs). The year saw heightened policy expected to drop to -1.6% in 2020, followed by a pickup to 4.1%n 2021.i IMF expects sectors such as construction or services to lead uncertainty and weighed on international trade, con- the growth recovery in 2021. fidence, and investment due to the prolonged period of rising trade disputes between the United States and China. With the agreement for partial rollback of Somaliland tariffs, the financial markets sentiments improved by The Somaliland economy has been heavily impacted by COVID-19 resulting in quite a significant downturn in the most significant the end of the year. During the year, major central sectors, namely remittances, livestock exports, aviation and hospitality to name a few. Along with remittances, the bedrock of the So- banks loosened policy, with interest rates in many ad- maliland economy continues to be the livestock trade and decisions due to COVID such as Saudi Arabia’s restrictions on Hajj this year vanced economies reaching unprecedented lows last have had a poignant impact. With almost 80% of livestock exports from the wider East Africa region going through Berbera, the Hajj year. Financial conditions in EMDEs improved in par- season accounts for some $200-300 million in revenue for Somaliland. Equally, some local decisions have also had a significant impact, allel, except in economies perceived as risky. the decision to close schools had an impact on the informal economy as small shops and kiosks selling snacks to school children were Economic activity in advanced economies grew by forced to close, a sector with an estimated revenue of around $3 million per month. 1.7% in 2019 as compared to 2.2% in 2018. The slow- down was due to weak manufacturing activity and policy uncertainty associated with trade tensions. Growth in the United States decelerated amid slow- ing investment and exports, while consumption was resilient with unemployment being near a five dec- ade low along with a solid wage growth. Uncertainty concerning Brexit and weakness in the industrial and automobile sector had an impact on the growth in the The year 2020 has started with Euro area. the COVID-19 pandemic which is Emerging Market and Developing Economies (EMDEs) inflicting high and rising human grew by 3.7% during 2019, led by India & China. The costs worldwide. growth came at a backdrop of EMDEs continuing to experience substantial weakness, with industrial pro- duction, trade flows, and investment decelerating sharply during the year. Economies that are deeply integrated into global and regional production and trade networks – most notably in Asia and Europe – particularly suffered from global trade tensions and decelerating trade flows during the year. P.4 Business and Finance Review 2020 Business and Finance Review 2020 P.5 Trends In The Sector Industry Overview Somaliland’s total customer base stands at 1.2 Mn as per World Bank estimates. The completion of the consolidation within the Somaliland Telecom Market into two large private players accelerated the SIM consolidation leading to an increase which in turn raised the customer base of Somtel by a base of 40%as predicted for the end of 2020. In terms Somaliland’s demographic advantage in terms of of Internet Service Providers (ISPs) Somtel is the leading provider in Somaliland far outpacing its two main competitors. young population is proving to be a big boost to mobile data penetration. Data usage per subscriber The introduction of the 4G router has cemented Somtel’s leading market share. is growing by an average of 25% year on year. Presently, the GSM and Internet services Somtel provides has made it possible for subscribers to get the cheapest internet browsing rate in Africa and the 7th in the whole world. This was determined in a survey covering the cost of 1GB Post COVID-19, work from home may become a data pricing in 230 countries by Cable.co.uk. Somtel intends to further reduce pricing without compromising services new normal for many organisations, thus creating taking our subscribers to the top of the world in terms of super services provided and affordable rates paid.
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