Mxit on track to show profit in 2012

Mxit is on track to show a profit in 2012 despite a dip in revenue after an advertising move and the privatization of content. This is according to Mxit CEO, Alan Knott-Craig junior.

Knott-Craig said earlier this year that Mxit’s “consolidated revenue in 2011 was just over R100 million. The consolidated bottom line was a loss.”

Knott-Craig remains upbeat about Mxit’s finances in 2012. “The last few months have seen a dip in revenue as we moved advertising into Shinka, and privatized much of the content (classified ads and music). Seems we’ve turned the corner. Content revenues are 20% up on last month,” said Knott-Craig.

The Mxit CEO added that, despite the dip in revenue earlier this year, they are on track to show a profit by the end of the year.

Knott-Craig said that while Mxit’s growth in South Africa has flattened out, the growth in the rest of the continent is accelerating.

Mxit currently has over 12.5 million active customers internationally (users who used the service over the last 12 weeks), and the company is confident this figure will increase.

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Mxit on track to show profit in 2012