Egypt spurs Vodacom revenue growth
by TINTSWALO BALOYI
JOHANNESBURG – THE Vodacom Group has reported a revenue increase of 36,9 percent to R35,7 billion (US$1,98 billion) for the quarter ended June 30, 2023.
This was largely boosted by Vodafone Egypt, where revenue generated by financial services more than doubled and successful Ramadan and summer campaigns contributed to a 43,2 percent increase in data traffic.
In South Africa, the R4 billion investment over four years to mitigate the impacts of load shedding continues to pay dividends.
The company now invests more than R11 billion a year into its South Africa infrastructure alone, which has resulted in industry leading network availability during elevated levels of power outages and ultimately contributed to the 3,9% increase in service revenue in our largest market.
“A number of encouraging trends were evident in the Vodacom Group’s first quarter performance, despite the ongoing uncertainty impacting global markets and economies,” said Shameel Joosub, Vodacom Group Chief Executive Officer.
Trends include strong service revenue growth in local currency by Vodafone Egypt, Vodacom South Africa’s encouraging data and fixed performance, strong financial services growth and the expansion of M-Pesa’s ecosystem into new service offerings, including merchants.
He said longer term, Vodacom will relentlessly pursue our purpose of connecting people for a better future.
Joosub believes the continued execution of their strategy has the potential to create immense economic value in the markets where they operate, helping to address inequality.
“By providing access to a smartphone, financial services, healthcare and education to every person across our markets we will fulfil our purpose,” he concluded.
– CAJ News
