South Africa’s Vodacom reported a robust 29.7% surge in third-quarter service revenue, reaching 31 billion rand ($1.67 billion), largely attributed to the inclusion of Vodafone Egypt. The acquisition of a 55% stake in Vodafone’s Egyptian arm for approximately 43.6 billion rand in 2021 marked Vodacom’s largest-ever deal. In Egypt, a notable 31.5% growth in local currency revenue was driven by strong performances in #mobile data, fixed broadband, and financial services, with a substantial 40.7% increase in data traffic.
Vodacom’s strategic focus on diverse services, including digital and financial services, fixed broadband, and the Internet of Things (IoT), contributed significantly. The new services category reached 6.2 billion rand, constituting 20.1% of the group’s service revenue. Financial services, a key component, experienced a 31% growth to 3.4 billion rand, driven by the scaling of new products and a robust 12% customer growth. Similar to its peer, MTN, Vodacom is transforming into a #technology company, offering a range of services beyond traditional telecom, allowing its 200 million customers to engage in activities such as lending, making payments, online shopping, and controlling home appliances via smartphones.
Source: Reuters
