African Rainbow Capital has reported that its wireless carrier Rain is on track to earn more than R1 billion.
Rain is on track to exceed its budgeted R1 billion earnings before interest, taxation, depreciation, and amortisation for the year ended February 2022.
“This achievement is viewed as exemplary considering that Rain achieved breakeven only in the last 12 months,” African Rainbow Capital stated.ARC said that demand for Rain’s products remains strong, even as Covid–19 restrictions are relaxed and employees return to the office. In its most recent results, ARC said the valuation remained unchanged due to delays in the spectrum auction and uncertainty regarding the timing, cost, and size of the additional spectrum being allocated to Rain.It successfully secured
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