At a Glance
- Half-year profit fell 35.3% to $5.5 million on higher infrastructure spending.
- Revenue rose 2.7% to $32.35 million, driven by broadband and enterprise growth.
- Data demand and local ownership continue to strengthen Seychelles’ telecom sector resilience.
Cable & Wireless (Seychelles) Ltd., the country’s leading telecommunications provider, reported a steep drop in profit for the first half of its 2025 fiscal year as it continued to pour money into network upgrades and new technology to support long-term growth.
The company, now majority-owned by SWC Limited and the Seychelles Pension Fund, reported a 35.3 percent fall in net profit for the six months ended June 30, dropping to SCR80.47 million ($5.5 million) from SCR124.32 million ($8.5 million) a year earlier.
The decline largely reflected a one-time gain of SCR48.9 million ($3.34 million) from the sale of an investment property in 2024 that boosted last year’s earnings.
Data and broadband drive steady revenue gains
While profit weakened, Cable & Wireless Seychelles managed to lift revenue by 2.71 percent to SCR473.09 million ($32.35 million).
The increase was fueled by continued growth in broadband and enterprise solutions, which helped offset the decline in traditional voice services.
Demand for data services strengthened as more customers upgraded to high-speed fiber and mobile internet plans, mirroring a rise in digital usage across the islands.
New customer sign-ups and several major connectivity projects, including support for national events such as the Beach Soccer tournament, also contributed to the uptick.
Mobile revenue, which had softened in the previous year, stabilized during the period, indicating that the company’s efforts to improve service quality and customer retention are beginning to take hold.
Stronger local ownership and sector resilience
Since its return to local ownership in 2019 after 125 years of existence, Cable & Wireless Seychelles has remained one of the largest homegrown enterprises in the nation, playing a central role in expanding access to telecommunications services.
The company’s main shareholders under CWS Investment Ltd. include the JFA Group, Jamshed Pardiwalla, Ravji Raghwani, and Andy Bainbridge, along with Victoria-based professional services firm ACM, which represents a group of smaller investors.
Total assets edged down 1.6 percent to SCR1.99 billion ($135.7 million) from SCR2.02 billion ($137.96 million) a year earlier, while retained earnings slipped 3 percent to SCR1.70 billion ($116.5 million). SWC Limited remains the majority shareholder with about 73 percent ownership, and the Seychelles Pension Fund holds roughly 22 percent.
