Newbury-based Vodafone’s South African subsidiary sees profits drop
Vodacom Group, the South Africa-based subsidiary of Newbury’s Vodafone, has seen its profits drop by 6.4 per cent in its full-year reporting.
The drop, which the company puts down to load shedding and operational activities, has seen its headline earnings per share come in at R9.48 for the year ended 31 March, down from R10.13 posted a year ago.
Vodacom has been investing with the aim of becoming a pan-African player along with strengthening its financial services and South African data offering. These aims have been slowed by rolling blackouts in South Africa which forced telecommunications firms to run their towers and network on diesel-run generators.
Vodacom’s revenue for the year jumped 16% to R119-billion, led by a purchase of a 55% stake in Vodafone Egypt and depreciation of the local currency.
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