Mr Price’s cellular division makes R63 million profit

Mr Price has recorded profit before finance costs and finance income in its telecoms division of R63 million during the first 26 weeks of its financial year.

This was up 37% from R46 million compared to the same period last year.

Retail sales in Mr Price’s telecoms segment grew 7.9% to R533 million.

It also generated R87 million in other telecoms income, of which R79 million was revenue from contracts with customers, for a total telecoms revenue of R620 million.

In addition to selling cellular handsets, the company also has a mobile virtual network operator that runs on Cell C’s platform called Mr Price Mobile.

“The standalone Mr Price Cellular stores continue to outperform feasibilities,” Mr Price noted in its results.

“Cellular handsets and accessories gained 120 [basis points] of market share according to GfK.”

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Mr Price’s cellular division makes R63 million profit