Vodacom revenue jumps 26% to R151 bn in 2024 fiscal

Vodacom Group has revealed its financial result saying its revenue rose 26.4 percent to R151 billion for the fiscal year ended 31 March 2024, positively impacted by the acquisition of Egypt.
Vodacom Africa investmentThe acquisition of Egypt contributed significantly to the 29.1 percent increase in Group service revenue, supported by a resilient performance in largest market, South Africa.

Vodacom Group achieved EBITDA growth of 24.3 percent or 7.8 percent on a pro-forma basis.

Vodacom has 203.1 million customers, including Safaricom.

Vodacom has 78.9 million financial services customers, including Safaricom, transacting US$1.1 billion per day.

Vodacom’s financial services revenue increased 32.2 percent to R13.0 billion, contributing 10.8 percent to service revenue.

Vodacom, which is celebrating its 30th anniversary, also surpassed the 200 million customer mark.

“Our customer base is evenly split across our segments, which include South Africa, Egypt, International business and Safaricom, showcasing the breadth of our footprint, which covers more than half a billion people across the continent,” Shameel Joosub, Vodacom Group CEO, said.

Vodacom achieved 11.8 percent increase in financial service customers to 78.9 million. Vodacom said it processes US$381.2 billion in annual transaction value.

Vodacom aims at spending 13 percent to 14.5 percent of overall revenue on capital expenditure that results in an enhanced customer experience through sustained investments in technology and network infrastructure.

In South Africa, service revenue growth of 2.6 percent was largely on the back of new services, the consumer contract segment and prepaid mobile data.

Vodacom spent R11.1 billion to support network, leverage new spectrum and enhance IT platforms to maintain competitive edge and remain South Africa’s most reliable network.

Vodacom Egypt has 48.3 million customers, an increase of 6.2 percent, and contributes one quarter of group revenue. A 10.9 percent increase in data customers contributed to a 41.8 percent jump in data traffic. One-app strategy resulted in customer growth of 52.1 percent to 8.2 million and strong growth in transaction values to over EGP1 trillion in the year.

M-Pesa revenue grew 21.4 percent, contributing 26.5 percent of International business service revenue.

Safaricom delivered an excellent performance in Kenya with service revenue growth of 13.4 percent, boosted by double-digit growth in mobile data and M-Pesa revenue. M-Pesa transaction volumes increased 34.8 percent.