Vodacom Revenue Rises on Growth in Key Regions
By Najat Kantouar
Vodacom said revenue for the first quarter rose, driven by sustained growth in its key regions.
The South Africa-based telecommunications company--majority owned by the U.K.'s Vodafone Group--said that for the quarter ended June 30, group revenue rose 1.5% on year to 36.2 billion South African rand ($1.97 billion).
Service revenue--a closely-watched metric in the telecom sector--grew 10% on a normalized basis, above its midterm target, to ZAR28.96 billion, with a 1.8% rise in South Africa and a 2.3% increase in international operations.
Vodafone Egypt service revenue grew 44% in local currency, well above the rate of inflation, the company said.
Financial-services revenue increased by 8.7% to ZAR3.3 billion.
Write to Najat Kantouar at najat.kantouar@wsj.com
(END) Dow Jones Newswires
July 24, 2024 01:45 ET (05:45 GMT)
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