Vodafone Group: revenues jump 26.8% in Q3, boosted by Egypt

Vodafone Group: revenues jump 26.8% in Q3, boosted by Egypt

In December 2022, Vodafone Group completed the acquisition of Vodafone Egypt, strengthening its leadership position in the African telecommunications market. The transaction, worth 59.7 billion Egyptian pounds, will enable Vodafone Group to extend its reach and offer new services to its customers in Egypt.

South African telecoms company Vodacom Group has announced that it generated R38.9 billion (USD2.05 billion) at the end of the third quarter of the 2023/2024 financial year ended 31 December 2023. This figure represents an increase of 26.8% compared with the R30.7 billion generated in the third quarter of 2022/2023. The company attributes this performance in particular to the positive effect of the acquisition of Vodafone Egypt.

“On a pro forma basis, which includes the Egyptian unit as if it were owned from 1 April 2022, revenue growth was 9.6%. In Egypt, revenue growth of 31.5% in local currency was driven by a strong performance from our mobile, fixed and financial data services, including a 40.7% improvement in data traffic,” explained Shameel Joosub, Chairman and CEO of Vodacom Group.

During the quarter, Vodafone Egypt contributed ZAR 8.3 billion to Group revenues, compared with ZAR 22.8 billion for Vodacom South Africa and ZAR 8 billion for the international market (Tanzania, Democratic Republic of Congo, Mozambique and Lesotho). Revenues from services reached ZAR 31.1 billion, up 29.7% on the ZAR 23.9 billion recorded in the third quarter of 2022/2023.

As a reminder, in December 2022 Vodacom Group finalised the process of acquiring a 55% stake in Vodafone Egypt for EGP 59.7 billion (USD 1.93 billion), strengthening its position in the African telecoms market. In addition, the number of customers across the group, including Safaricom, passed the 200 million mark for the first time in the three months to 31 December 2023.