Vodacom was, for a long time, the best pick of the telecommunications companies listed on the JSE. It has operations throughout Southern Africa, with its biggest market by far being SA itself. The group has 110-million customers across various markets in Africa, including SA, Tanzania, the Democratic Republic of Congo, Mozambique, Lesotho and the Kenyan joint venture, Safaricom.

During financial 2019, revenue grew by 4.3% to R90.1bn. About 63% of the company’s total revenue comes from SA, with the remaining 37% being contributed by its international operations, split almost 50/50 between Kenya’s Safaricom (35% stake acquired in an equity swap deal with Vodaphone UK in August 2017), and all the other operations outside SA combined. As is the trend in the telecommunications sector, Vodacom is experiencing a decrease in revenue earned from traditional voice calling and an increase in revenue earned from data and related bandwidth services (including fibre internet).

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