Vodacom Group Surpasses 200 Million Customers, Reports Strong Financial Growth
Shameel Joosub, CEO of Vodacom Group, has announced the company’s achievement of reaching 200 million customers, doubling its 2018 count in a trading update for the quarter ended on 31 December 2023. Emphasizing Vodacom’s purpose-driven approach, Joosub highlighted the transformative impact on customers and economies, ensuring sustainable business growth.
Key Highlights for Q4 2023:
- Group revenue surged by 26.8% to R38.9 billion, driven by the positive impact of acquiring Vodafone Egypt.
- Pro-forma Group service revenue, including Vodafone Egypt, exceeded targets, growing by 8.8%.
- The customer base, inclusive of Safaricom, reached 200 million, with over 75 million utilizing financial services.
Despite a challenging comparative period, South Africa’s service revenue increased by 1.9%. Meanwhile, Egypt experienced a notable 29.1% growth in local currency for service revenue, with financial services customers up by 55.5% to 7.5 million. International service revenue rose by 10.7% (6.5%*), fueled by increased data revenue from network investments.
Additionally, Vodacom reported a significant spike in group financial services revenue, which increased by 31.0% (19.6%^) to R3.4 billion. This growth was further emphasized by a substantial US$98.2 billion transacted through mobile money platforms in the quarter. The impressive figures underscore Vodacom’s strategic positioning in the market and its commitment to providing diverse and impactful services to a growing customer base.
