Vodacom earmarks Egypt to execute growth plan


Vodacom Group Chief Executive Officer, Shameel Joosub

JOHANNESBURG, (CAJ News) THE Vodacom Group has recorded 6,4 percent revenue growth to R26,7 billion (US1,75 billion) in the quarter ended December 31, 2021.

Group service revenue was up 5,3 percent, supported by sustained demand for connectivity and growth in new services such as financial services.

The company reported South Africa service revenue grew 4,5 percent with excellent growth in Vodacom Business.

International service revenue increased by 6,7 percent, supported by data and M-Pesa revenue growth.

Financial services revenue increased 12,5 percent to R2 billion, with strong adoption of the South African super-app, VodaPay.

Shameel Joosub, Vodacom Group Chief Executive Officer said the company remained committed to focusing on the economic recovery through the execution of a six-point plan.

This includes expanding network coverage and resilience, accelerating support to governments, enhancing digital accessibility and digital adoption, supporting customers adapt to new ways of working and promoting financial inclusion.

Joosub anticipates the acquisition of a majority interest in Vodafone Egypt and a strategic stake in the fibre assets of Community Investment Ventures Holdings to be instrumental for this plan.

Minority shareholders recently overwhelmingly voted in favour of the R4- billion Vodafone Egypt transaction.

“This approval represents an important milestone in our target to close the transaction by 31 March 2022” Joosub stated.

The transaction remains subject to regulatory approval.

– CAJ News















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