ZTE Corporation (0763.HK / 000063.SZ), a global leading provider of information and communication technology solutions, today has posted its financial results for the third quarter of 2022.

According to the results, for the nine months ended 30 September 2022, ZTE has achieved operating revenue of RMB 92.56 billion, increasing by 10.4% as compared with the same period last year. During the period, net profit attributable to holders of ordinary shares of the listed company reached RMB 6.82 billion, an increase of 16.5%, and net profit after extraordinary items attributable to holders of ordinary shares of the listed company amounted to RMB 5.55 billion, representing a year-on-year increase of 55.3%. Basic earnings per share was RMB 1.44. 

In the first three quarters, ZTE, despite the challenges of the complex external environment, strove for steady progress by collaborating with its industry partners and practising its own positioning as a “driver of digital economy”. During the period, the company strengthened its key technology and product competitiveness, with R&D expense reaching RMB 16.11 billion, 17.4% of 9-month operating revenue.  

During the period, ZTE, while solidifying its position with innovative initiatives, built its comprehensive DICT product series and solutions in three dimensions, specifically, efficient digital infrastructure of “connection and computing power”, flexible and agile digital capabilities, and application innovation of APPs services.

With the wave of global digitalization and low-carbon development, ZTE achieved year-on-year growth with its operating revenue in both domestic and international markets and the three major businesses (carriers’ networks, government and enterprise, and consumer business) as well.

Moving forward, ZTE, confronted with the complex external environment, will stay committed to continuous innovations for its high-quality growth.

Stories Continues after ad

President Museveni on Tuesday, 25th October, 2022 commissioned the Modern Tiles factory in Buikwe district which is the biggest in East Africa and Africa, currently producing 49,000 square metres of tiles per day, with production to triple to 150,000 square metres per day at full capacity. 

The factory sources its raw materials locally from the districts of Mukono and Buikwe. This is in line with the National Resistance’s principled approach to economic development and growth specifically in the priority area of creating wealth and jobs.

The President lauded Modern Tile Company proprietors for responding to the government’s call of using raw materials purchased locally.

“By purchasing the raw materials locally, our people get jobs,” Museveni noted.

He cautioned that the availability of infrastructure like good roads put up by the NRM government has attracted investors to set up factories in the area.

He added that he will engage his Kenyan and Tanzanian counterparts to forge a way on how to improve the transport network and make it cheap for Ugandans and business people in the region.

“I will talk to the Kenyan government to streamline transport by railway from Mombasa to Kisumu. Another route in Tanzania from Tanga to Mwanza leading to Ishungyezi to exploit iron ore mines. This can make this part of Africa an industrial base. The population of 1.3 billion Africans is a huge market,” the President observed.

“We shall rationalize the transport chain by reducing the use of trucks from Mombasa or Tanga because it is not smart.”

Museveni further attributed some of the causes of uprisings in some African countries to youth unemployment.

“What government is doing now is to set up as many factories as possible to ensure that the youth are employed. This helps to prevent them from being diverted by economic and political saboteurs,” he said.

The Minister of State for Investment and Privatization, Evelyn Anite, appreciated President Museveni for creating a conducive environment that has enabled investors to set up big factories in Uganda. She said this has helped Uganda to develop economically.

“Uganda should thank you, Your Excellency. It’s your effort that there is zero ceramics and tiles importation in the country,” she said adding, that the country has stopped donating money to foreign countries because of Museveni’s able leadership.

The Minister however, pointed out challenges that are being faced by sugar factories in Uganda like lack of sugar canes which has led to limited production.

“Your Excellency, we should engage all sugar stakeholders so that we find a lasting solution to the problem,” she remarked.

On his part, the Chairman of Uganda Investment Authority (UIA), Mr. Morrison Rwakakamba said the current government did not take on a revolution to serve only as leaders but also to revive the country’s economy which was as ‘good as dead’ by 1986.

“This factory and others are some of the fruits of the revolution,” Mr. Rwakakamba said.

According to Ashish Monpara, Modern Group’s Chairperson said that the factory currently employs 500 Ugandans directly adding, “At full capacity, the factory will produce 150,000 metres of tiles per day, employing 1,600 Ugandans directly and 3,000 indirectly.”

Mr. Monpara also expressed sincere gratitude to President Museveni for creating a conducive and favourable environment that has enabled their company to prosper in the East African country.

“Your Excellency, our total new investment in the next five years will be more than 400 million USD,” Mr. Monpara assured.

He also disclosed that the group is looking forward to set up a pharmaceutical vaccine plant in Uganda.

“For this, we are already in discussions with Minister Evelyn Anite and Uganda Investment Authority to secure the appropriate land. Our budget for this pharmaceutical vaccine plant is 100 million USD.”

Stories Continues after ad