Maputo, Sept. 16, 2026 (Lusa) - Mozambican telecoms firm Tmcel reduced its losses by 17.6% in 2025 to 3.94 billion meticais (€53.1 million), according to financial statements made available before the strategic partner's entry into the operator, as decided by Mozambique's government.
The 2025 financial statements, which Lusa accessed on Wednesday, show a reduction in losses compared with the 4.78 billion meticais (€64.4 million) loss in the previous financial year, although the company continues to report results that are below break-even and a negative equity position.
The state-owned mobile network operator – one of three in Mozambique – saw its negative equity increase to 19.23 billion meticais (€259 million) in 2025. Operating profit (EBIT) was negative 3.22 billion meticais (€43.4 million), while revenue fell 10.1% to 2.586 billion meticais (€34.8 million) in 2025.
Equity under review increased by 25.8% compared with 2024, whilst total assets fell to 22.35 billion meticais (€301 million) and liabilities amounted to 41.58 billion meticais (€560 million).
The documentation prepared for potential investors also details the total value of liabilities broken down by category, showing liabilities of 29.99 billion meticais (€404 million), of which 11.33 billion meticais (€153 million) corresponded to financial debt, 10.84 billion meticais (€146 million) in debt to the state and public bodies, and 6.88 billion meticais (€92.7 million) in trade debt.
The accounts examined by Lusa also show debts to the Tax Authority and the National Social Security Institute amounting to 6.71 billion meticais (€90.5 million), plus interest and fines totalling 3.825 billion meticais (€51.5 million).
In 2025, staff costs amounted to 1.46 billion meticais (€19.6 million), whilst supplies and services from third parties totalled 1.48 billion meticais (€19.9 million).
Cash and cash equivalents stood at 389 million meticais (€5.2 million) at year-end.
The documents also show that the company ended 2025 with net debt of 27.98 billion meticais (€377 million) and a leverage ratio of 320%, up from 216% in 2024, reflecting a growing imbalance between equity and external financing.
Mozambique's government has instructed the team tasked with negotiating the partial sale of the state's shares in Tmcel to submit, by 1 January 2027, a proposal identifying the selected strategic partner and the terms of the transaction.
Among the interested parties identified by the government are Axian Telecom, a pan-African telecommunications group based in Mauritius; a consortium formed by Optimum Systems W.L.L. and Meridian Ventures Investment FZCO; and Aikun Solutions DMCC, based in Dubai.
The state directly holds 66% of the company's share capital, whilst the Institute for the Management of State Holdings (Igepe) controls 26%.
The independent audit carried out by Deloitte, which forms part of the 2025 accounts, states that there is a «material uncertainty relating to events or conditions that may cast significant doubt on the company's ability to continue as a going concern».
The auditor added that the continuity of operations depends on implementing financial recovery measures and receiving shareholder support, among other factors.
PVJ/ADB // ADB.
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