Vodacom Group reported an 11.4% year-on-year revenue increase in Q1, driven by strong performance in its Egypt unit and growing adoption of financial services.
Revenue rose to ZAR 32.3 billion (US$1.83 billion) for the quarter ending June 30.
Group service revenue grew 13.8% on a normalised basis, which Vodacom noted was tracking favourably against its medium-term target. In Egypt, service revenue surged by 43.8% in local currency, with financial services in the unit also increasing by 55.1%. Service revenue from Vodacom’s international operations rose 9.7%, with normalised growth accelerating to 12.4%.
Service revenue from non-mobile segments such as fintech was a key growth driver, contributing ZAR 6.9 billion — or 21.4% of total group revenue. Vodacom Group CEO Shameel Joosub said the company is “well on track to reach our target contribution of 30% by 2030.”
Group financial services revenue rose 18.1% to ZAR 3.9 billion. Across the Group’s mobile money platforms, including Safaricom, a total of US$460 billion was transacted over the past 12 months.
