Vodacom Group, on Friday, posted a 14.2 percent rise in revenue for the quarter ended June 30, spurred by demand for more connectivity services across the continent. Photographer: Nadine Hutton/Bloomberg
Vodacom Group, on Friday, posted a 14.2 percent rise in revenue for the quarter ended June 30, spurred by demand for more connectivity services across the continent. Photographer: Nadine Hutton/Bloomberg

Vodacom posts 14% rise in first quarter revenue

By Reuters Time of article published Jul 26, 2021

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Vodacom Group, on Friday, posted a 14.2 percent rise in revenue for the quarter ended June 30, spurred by demand for more connectivity services across the continent.

Group revenue rose to R24.78 billion from R22.73bn a year earlier.

Telecom companies in South Africa - largely dominated by its biggest player MTN Group and Vodacom - have benefited from greater demand for connectivity, as the pandemic has forced people to work and study from home.

But Vodacom's shareholders have not been as lucky as those holding MTN stock, with its shares up 40 percent since the crash of March, last year, while MTN is up 300 percent.

Vodacom said revenue for the quarter would have been higher, but for an appreciation in the South African rand which rose by 20 percent during the reporting period.

Revenue from Vodacom's international business, which includes M-Pesa payments operations, was up more than 15 percent, it said.

M-Pesa, which allows customers to send money, save, borrow and make payments, is part owned by Vodacom and Britain's Vodafone.

REUTERS

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