Vodacom
Group Limited has reported a 1.5% increase in group revenue to R36.2 billion
for the quarter ended June 30, 2024, despite foreign exchange rate headwinds.
The company's service revenue grew 10.0% on a normalized basis, exceeding its
medium-term target.
The
group's financial services revenue increased 8.7% to R3.3 billion, with Egypt
seeing a significant 87.0% growth in local currency. The company's mobile money
platforms, including Safaricom, transacted US$400.2 billion over the last
twelve months.
Vodacom
Group CEO Shameel Joosub commented, "Our strategy to diversify revenue
growth by product and geography is bearing fruit. We are proud of the
transformational impact we have on our customers and the economies where we
operate."
“This has provided a strong foundation upon which we
are able to ensure sustainable growth of our businesses, while at the same time
making a significant contribution in bridging the digital divide and expanding
financial inclusion in Africa,”
he added.
The
company's beyond mobile services, including digital and financial services,
fixed and IoT, contributed R6.0 billion to the group's revenue, accounting for
20.8% of the total. Vodacom aims to reach a contribution of 25-30% over the
medium-term.
The
group's geographic segments saw Egypt deliver a standout performance, with
service revenue growing 43.7% in local currency. South Africa saw a resilient
1.8% increase in service revenue, while Tanzania and DRC contributed to the
5.7% growth in the International business.
Vodacom
invested R1.9 billion in the quarter and expects to invest around R11.5 billion
in capital expenditure in the current financial year to enhance customer
experience. The company remains committed to driving access to smartphones,
financial services, healthcare, and education to every person across its
markets.
By: Nana Appiah Acquaye
