Vodacom reports Q3 growth as South Africa sees strong demand
Telecommunications group Vodacom reported service revenue growth of 3.9% to R19.62-billion during the three months to December 31, 2020, driven by a strong performance in the South African operations.
In South Africa, service revenue increased 5.4% to R14.3-billion on the back of strong demand for new services and connectivity, supported by growth of 24.3% in the financial services business, while service revenue from the international operations declined 1.4% to R5.54-billion during the quarter under review.
On a normalised basis, the international operations reported a 0.3% decline during the quarter.
“Revenues from M-Pesa increased 10.1%, largely the result of a 7.7% increase in customers, with almost 16-million people – or just under half of our International customer base – now making use of our M-Pesa platform,” said Vodacom Group CEO Shameel Joosub.
Monthly M-Pesa transactions, including Safaricom, increased 57.8% year-on-year to $24.2-billion.
On a normalised basis, group service revenue increased 4.2%.
Equipment and non-service revenue in South Africa supported group revenue growth of 6.4%, to R25.13-billion, in the quarter to December.
Meanwhile, Vodacom continues to focus its efforts on a six-point plan that includes expanding network coverage and resilience, accelerating support to governments, enhancing digital accessibility and digital adoption, supporting the strategies of customers as they adapt to the “new normal” and promoting financial inclusion.
The telecommunications group also invested R3.4-billion into network during the quarter, of which R2.7-billion was in South Africa to support data demand and shifts in customer behaviour patterns.
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