Newbury-based Vodafone’s South African subsidiary sees profits drop

Published by

Sam Pither

Accenture will invest €150 million in the new entity

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.

Sam Pither

Sam is the Regional Editor of Biz News, responsible for both Hampshire and Dorset. A new recruit to journalism, Sam started writing for the Business Magazine as a freelancer in May of 2022 after completing his degree in English at University College London. His passion for local businesses and ability to tell a story soon caught the attention of the publication’s management team and have led to his meteoric rise. Sam, who lives in central Reading, takes a particular interest in technology, gaming and food and drink, having been a chef before starting his degree.