As per the quarterly announcement of the trading update of Vodacom Group Limited, the Group revenue increased 14.8% (4.7%) to R30.7 billion, positively impacted by the acquisition of Vodafone Egypt and rand depreciation against our basket of international currencies. In addition, Group service revenue was up 16.1%, with normalized growth of 3.5%, supported by growth in data revenue and financial services.
Moreover, financial services revenue increased 30.6% (16.5%) to R2.6 billion, with VodaPay super-app downloads reaching 4.5 million. South Africa’s service revenue increased 3.0%, underpinned by a strong performance in mobile prepaid.
Regarding Vodafone Group, Vodafone Egypt was consolidated on December 8, 2022, contributing over R1.8 billion to Group service revenues. It was a key factor, alongside currency gains and operating model resilience, in the 16.1% improvement in our service revenue, despite ongoing financial market volatility and weaker prospects for the global economy.
Shameel Joosub, Vodacom Group CEO, said: “The third quarter of our current financial year is the first set of results that includes revenues from what we expect will be a transformative transaction for the Group — our acquisition of a 55% stake in Vodafone Egypt. In December last year, we announced the finalization of the R43.6 billion deal, the largest in Vodacom Group’s history and one that cements our position as a leading pan-African technology company in addition to diversifying and accelerating our growth profile. It also means that our population reach exceeds 500 million people across Africa, providing a clear growth path for Vodacom.”
