Vodacom’s revenue and profit rise despite rate cuts
Mobile phone network Vodacom managed to grow revenue and profit slightly in the year to end-March despite cutting rates. The company also announced that it was acquiring 35% of Kenya’s Safaricom from its UK parent Vodafone in a deal valued at R34.6bn. Revenue in the year to end-March grew 1.5% to R81bn and aftertax profit 1.7% to R13bn. The group declared a final dividend of R4.35, taking its total for the year to R8.30, a 4.4% raise on the previous year’s R7.95. "In the past year, voice and data prices fell by 14.3% and 16% respectively in SA where significantly more customers benefited from using bundles," Vodacom CEO Shameel Joosub said in its results statement. "This brings the cumulative reduction in voice and data prices to 42.2% and 44.3% over the past three years. " In SA, Vodacom said it grew its subscriber numbers by 8.6% to 37.1-million, of which 32-million were prepaid customers. It attributed its growth in prepaid customers to its "Just 4 You" bundle offer and its "NXT ...
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