Vodacom Group Surpasses 200 Million Customers, Reports Strong Financial Growth

Vodacom Group also saw its revenue rise by 26.8% to R38.9 billion, propelled by Vodafone Egypt acquisition impact.

Shameel Joosub, CEO of Vodacom Group, has announced the company’s achievement of reaching 200 million customers, doubling its 2018 count in a trading update for the quarter ended on 31 December 2023. Emphasizing Vodacom’s purpose-driven approach, Joosub highlighted the transformative impact on customers and economies, ensuring sustainable business growth.

Key Highlights for Q4 2023:

  • Group revenue surged by 26.8% to R38.9 billion, driven by the positive impact of acquiring Vodafone Egypt.
  • Pro-forma Group service revenue, including Vodafone Egypt, exceeded targets, growing by 8.8%.
  • The customer base, inclusive of Safaricom, reached 200 million, with over 75 million utilizing financial services.

Despite a challenging comparative period, South Africa’s service revenue increased by 1.9%. Meanwhile, Egypt experienced a notable 29.1% growth in local currency for service revenue, with financial services customers up by 55.5% to 7.5 million. International service revenue rose by 10.7% (6.5%*), fueled by increased data revenue from network investments.

Additionally, Vodacom reported a significant spike in group financial services revenue, which increased by 31.0% (19.6%^) to R3.4 billion. This growth was further emphasized by a substantial US$98.2 billion transacted through mobile money platforms in the quarter. The impressive figures underscore Vodacom’s strategic positioning in the market and its commitment to providing diverse and impactful services to a growing customer base.

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