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Vodacom Group H1 revenue rises 3.9%

Monday 11 November 2019 | 09:37 CET | News

Vodacom Group revenue increased by 3.9 percent to ZAR 44.39 billion in the first six months to 30 September from ZAR 42.71 billion a year earlier, supported by group service revenue growth of 4.2 percent. The group added 2.7 million customers in South Africa and international operations and 2.7 million at Safaricom during the period, giving it a combined 115 million customers. Net profit rose by 20.8 percent to ZAR 8.19 billion from ZAR 6.79 billion in 2018.

Headline earnings per share (HEPS) increased 18.9 percent to ZAR 4.60 from ZAR 3.87 in 2018 due to the one-off BEE costs of ZAR 1.5 billion included in the prior period. Earnings per share were up 19.4 percent.

The interim dividend per share declined to ZAR 3.80 from ZAR 3.95 but there was also a special dividend of ZAR 0.60.

EBITDA increased by 4.2 percent to ZAR 18.17 billion from ZAR 16.53 billion in 2018 and capital expenditure rose by 19 percent to ZAR 6.35 billion from ZAR 5.33 billion in 2018.

International operations continue to perform well, delivering service revenue growth of 15.5 percent with foreign currency translations boosting reported group growth.

Vodacom adopted IFRS 16 on 01 April with the cumulative retrospective impact reflected as an adjustment to equity on the date of adoption. Looking ahead, Vodacom expects the benefits of acquiring a strategic stake in IoT.nxt will become increasingly evident in both consumer and enterprise businesses.

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