Vodacom Group Reports Strong Revenue Growth in Q3

Vodacom Group, a telecommunications company based in South Africa, has announced an impressive increase in revenue for the third quarter. This growth can be attributed to the acquisition of Vodafone Egypt and a substantial increase in the customer base.

For the quarter ending on December 31st, revenue saw a significant rise of 27% year-on-year, reaching ZAR 38.92 billion ($2.09 billion). This is a considerable increase from the ZAR 30.705 billion generated in the same period the previous year.

Of particular interest within the telecom sector is the service revenue, which increased to ZAR 31.12 billion, up from ZAR 24.0 billion. In South Africa, service revenue grew by 1.9% to ZAR 15.69 billion, while in Egypt, it surged by 29% in local currency to ZAR 7.94 billion. International service revenue also experienced growth, rising by 11% to ZAR 7.72 billion.

The group also highlighted the impressive performance of its financial services, with revenue soaring by 31% to ZAR 3.4 billion. In the quarter alone, its mobile money platforms facilitated transactions worth $98.2 billion.

As a result of these achievements, Vodacom Group has reached a major milestone, surpassing 200 million customers for the first time. Within this customer base, over 75 million individuals are making use of the company’s financial services.

Vodacom Group’s Chief Executive Officer, Shameel Joosub, expressed his satisfaction with these developments and commented on the company’s 20-year anniversary in Mozambique. He emphasized how Vodacom has played a pivotal role in driving digital and financial inclusion in the country and across its wider footprint.