Vodacom posts double-digit revenue growth as Egypt powers Q3 performance
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Vodacom reported a strong third quarter, with group revenue rising 11% year on year to ZAR43.9 billion, driven by growth across its operating units and standout performance in Egypt.
Revenue in South Africa was flat at ZAR24 billion, while Egypt delivered a 43% increase to ZAR11 billion. The operator said growth in Egypt was underpinned by rising data consumption and financial services, with its data customer base expanding 9% to 33.4 million. Vodacom pointed to consistent network investment, including 5G, as key to the gains.
Financial services continued to be a major growth engine for the group. Including Safaricom, Vodacom connected around 100 million financial services customers in the quarter, with revenue from the segment up 24.7% to ZAR4.5 billion. Mobile money platforms processed around US$500 billion in transactions over the past 12 months.
Group CEO Shameel Joosub said Vodacom had made “significant progress” against its long-term growth strategy, highlighting two milestones. These include plans to increase its stake in Safaricom to 55% through the acquisition of an additional 20% from the Kenyan government and Vodafone Group for around US$2.1 billion, and regulatory approval from ICASA to acquire South African fibre business Maziv.
