Telekom Networks Malawi said on Thursday its subscriber base has grown by 17% after a network expansion project that saw it put up 27 additional sites.

It also now has about 24 retail outlets across the country, with the stronger subscriber base boosting growth in service revenue by 24% to $72.2 million or Malawi Kwacha (MK49 447 million) at today's exchange rate of 1USD/684.046 MWK.

EBITDA earnings also increased 21% increase to $25.7 million (MK 17,607 million) while net profit after taxation amounted to about $7.9 million. Average revenue per user of just above $2.12 cents was attained for the period.

"The company achieved good subscriber and service revenue growth during 2015 which resulted in the continued margins and profitability levels. These achievements were supported by the successful expansion of the data network, increase in voice network coverage and cost management strategies," said Douglas Stevenson, Telekom Malawi Chief Executive Officer.

In a joint statement with board chairman Mathews Chikaonda, Stevenson added that Telekom Networks Malawi would continue to "pursue its strategy to become the preferred ICT company in Malawi".

Its focus would be on revamping the customer experience after recording improvements to service quality.

However, an economic environment that is expected to remain challenging will put "pressure on margins and service revenue".

This will inevitably prompt management at the company to undertake further measures to manage costs and other programs to boost "cost efficiencies to protect margins".