Telecom group giant, Vodacom Africa, has announced a 4.6 per cent revenue growth totalling US$6.4 billion for its year-end financial results for 2021. In the announcement, the Group CEO, Shameel Joosub, attributed the revenue growth to digital and financial, fixed and Internet of Things (IoT) services, which the Group newly introduced.
Adding to his review, Joosub said, “our outstanding growth in our Group financial services and IoT divisions is extremely pleasing, reflecting our perseverance in the increasingly difficult trading environment. The strong results are a testament to having great employees who can adapt to crises and the right strategy in place.”
Vodacom’s operating profits grew by 54 per cent due to the recovery in international profitability. New services revenue reached US$476 million n the period reflecting a 14.4 per cent increase, whilst customers, inclusive of Safaricom, reached 60.6 million to date.
The Group noted its forecast for strong customer growth across its business and has set a higher target of 75 million customers by the financial year 2025.
Across Vodacom markets, M-Pesa has also grown to serve more than 47.1 million customers through 550 merchants across Lesotho, Mozambique, Kenya, Tanzania, and the DRC. The transaction value of M-Pesa is estimated at US$324.6 billion for the year.
“Vodacom remains focused on providing opportunities to enhance customer relations as we serve 129.6 million customers across our footprint,” said Joosub.
Furthermore, the company is said to be concluding the proposed acquisitions for stakes in the Community Investment Ventures Holdings and Vodafone Egypt.