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Vodacom Revenue Surges on African Growth
4 Feb
Summary
- Vodacom reported a nearly 13% increase in service revenue.
- Growth was driven by strong performance in Egypt and DRC.
- Financial services saw a 24.7% revenue jump, exceeding milestones.
Vodacom Group announced a significant nearly 13% increase in its third-quarter service revenue, reaching 34.6 billion rand. This performance, ending December 31, was bolstered by robust growth across its African operations. Egypt and the Democratic Republic of Congo were highlighted as particularly strong contributors to this surge.
The financial services division proved to be a major growth driver, recording a 24.7% jump in service revenue to 4.5 billion rand. Vodacom's mobile money platforms processed a substantial $500.7 billion in transaction value over the past year, helping the company exceed 100 million financial services customers.
While South Africa delivered modest but satisfactory revenue growth, Vodacom's international operations saw a 12.6% increase. Egypt alone contributed a remarkable 39% surge, now representing 27.5% of the group's quarterly service revenue. Despite consumer pressures, the South African market inched up by 1.4%, supported by contract revenue.
