SEACOM profit plummets 77%

[Jan]

SEACOM is suffering

SEACOM's profit plummeted by 77% because of increased operational costs and unfavourable unrealised forex losses.

Remgro revealed details about SEACOM's poor financial performance in its interim results for the six months ended 31 December 2021. Remgro owns a 30% stake in SEACOM.

 

[freematrix]

For a company that peers like a bunch of aholes I am happy to see this.

 

[r00igev@@r]

For a company that peers like a bunch of aholes I am happy to see this.

I think you meant depeer....

 

[ttygt]

Oh my gawd. This is awful.
A private company suffering due to the weak rand.
Fortunately, as a ZA citizen I haz no idea WHATSOEVER how that must feel.

 

[acidrain]

If their service is anything like their home fibre company, then it's no surprise.

Kind of reminds me of the similar path MWEB went down. Trying to be the top dog, they lost sight of what actually made them successful.

 

[The Darkness]

I'm not surprised to read this. SEACOM are in the same league as Telcom. Absolutely one of the worst ISP's I've ever had the displeasure of using. Their business-grade 'service' gave us so much downtime it was unbearable. Getting hold of someone to help was an absolute nightmare. Even when we canceled, they kept billing us, so we had to block their debit orders at the bank, and it took us months of threats and ignored emails to be refunded, and even then we were not fully refunded. Never again. We replaced their janky connection with a competitor at literally 1/4 of the price, for double the bandwidth, and not 1 second downtime since.

 

[Swa]

They failed to adapt. Their business model sucked from the start.

 

[Next Thing]

I'm not surprised to read this. SEACOM are in the same league as Telcom. Absolutely one of the worst ISP's I've ever had the displeasure of using. Their business-grade 'service' gave us so much downtime it was unbearable. Getting hold of someone to help was an absolute nightmare. Even when we canceled, they kept billing us, so we had to block their debit orders at the bank, and it took us months of threats and ignored emails to be refunded, and even then we were not fully refunded. Never again. We replaced their janky connection with a competitor at literally 1/4 of the price, for double the bandwidth, and not 1 second downtime since.

Yup. So glad we never went with them for our IP transit.
Also when they canned our peering connection I just shook my head.