Vodacom Group reported a strong financial performance for the year, with normalised earnings growing by 7.8% to R55.5 billion. This improvement was driven by a particularly robust second half, as highlighted by CEO Shameel Joosub. The company’s service revenue rose by 11.2% to R120.7 billion, supported by growth in key markets such as Egypt and Tanzania, as well as steady performance in South Africa. Despite currency fluctuations affecting reported earnings, the underlying business showed resilience, with headline earnings per share increasing by 1.3%.
Egypt emerged as a standout market, with service revenue surging by 45.2% in local currency, thanks to strong demand for mobile and fixed connectivity, as well as digital financial services like Vodafone Cash. Tanzania also delivered impressive growth, while South Africa remained stable with a 2.3% increase in service revenue, driven by prepaid recovery and strong data usage. However, operations in Mozambique and the Democratic Republic of Congo faced challenges due to political instability, though the company remains optimistic about future recovery.
Looking ahead, Vodacom is focusing on expanding its digital and financial services, with M-Pesa processing over $450 billion in transactions. The company is also targeting significant growth in Ethiopia, where its customer base more than doubled. As part of its Vision 2030 strategy, Vodacom aims to reach 260 million customers and increase revenue from beyond-mobile services to 30%. With Africa’s growing demand for connectivity and digital solutions, the group remains confident in its long-term prospects.