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Vodacom Group, a Johannesburg-based telecommunications giant, led by leading South African executive Shameel Joosub, reported robust financial results for the fiscal year ended March 31, 2024. Revenue climbed 26.4 percent year-over-year to R150.59 billion ($8.24 billion), solidifying Vodacom’s position as a key player in the African telecom market.
Maintaining its leadership in South Africa and across the continent, Vodacom reported strong growth in key segments, with financial services emerging as a major driver. Its financial arm processed a significant $381.2 billion in annual transaction value, highlighting its growing importance.
Financial services revenue surges
Financial services revenue surged 32.2 percent to R13 billion ($708.57 million) from R9.86 billion ($537.71 million). This jump translated to a 10.8-percent contribution to overall group service revenue, which climbed 29.09 percent to R120.9 billion ($6.59 billion) from R93.65 billion ($5.1 billion).
Headwinds included startup losses in Ethiopia, higher financing and energy costs due to inflation, and weaker exchange rates. The recent devaluation of the Egyptian pound contributed to a 10.8-percent decline in headline earnings to 846 cents per share.
Shameel Joosub expressed satisfaction with the company’s execution despite global pressures. “Our Egypt acquisition significantly boosted group service revenue growth, supported by a resilient performance in South Africa,” he said. Joosub also welcomed “meaningful steps” by the Egyptian government to support economic growth.
Vodacom’s African reach under Shameel Joosub
Vodacom Group, with its vast network and over 200 million African subscribers, stands out under Shameel Joosub’s guidance. A telecoms veteran with Vodacom since 1994, he brings over two decades of expertise.
Beyond South Africa, Vodacom operates in Tanzania, Democratic Republic of Congo, Mozambique, and Lesotho, demonstrating its commitment to expanding connectivity across the continent.
Joosub’s commitment extends beyond his leadership role. He holds a 0.09 percent stake in Vodacom, owning 1,903,475 shares valued at R175.1 million ($9.56 million), aligning his interests with the company’s long-term success.
