Vodacom Group Reports Resilient Revenue Growth Amid Currency Challenges
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Vodacom Group ( (VODAF) ) has released its Q2 earnings. Here is a breakdown of the information Vodacom Group presented to its investors.
Vodacom Group, a leading telecommunications and financial services provider in Africa, operates across several countries including South Africa, Egypt, Kenya, and others, focusing on connecting people and driving financial inclusion. The company recently celebrated its 30th anniversary, highlighting significant achievements despite facing currency headwinds. Vodacom reported a 9.9% increase in service revenue on a normalised basis, driven by growth in its mobile and financial services, although the reported service revenue saw a slight decline due to currency fluctuations. The company recorded a strong performance in Egypt with a local currency service revenue growth of 44.1%, while facing challenges in its International segment due to currency impacts and one-off costs. South Africa showed steady growth in service revenue and EBITDA, with a focus on expanding beyond mobile services. Looking forward, Vodacom aims to capitalize on its market presence and strategic initiatives to drive growth, amidst evolving economic conditions, by investing in connectivity and digital services to enhance its offerings.