Vodacom, South Africa’s largest mobile phone operator, experienced a significant increase in revenue during the first quarter of its new financial year. The boost in revenue was attributed to the acquisition of Vodafone Egypt, which contributed to growth across all of its performance indicators.
- The acquisition of Vodafone Egypt helped boost Vodacom’s earnings for the period, as did its new financial services business.
- Vodacom’s customer base increased by 5.7% to 116.3 million, while data usage grew by 47.1%.
- The company’s international operations, which include Tanzania, Mozambique, and Lesotho, also saw strong growth.
- Vodacom has been investing heavily in network infrastructure in South Africa, including the rollout of 5G.
- The company has also been expanding its financial services business, with products such as mobile banking and insurance.
- Vodacom’s CEO, Shameel Joosub, said that the company is focused on “digital transformation” and creating new revenue streams.
- Vodacom’s share price rose by over 3% following the release of its quarterly results.