Vodacom Group adds 6.2million customers
Vodacom reported a 5 per cent drop in first half headline earnings per share, hurt by a once-off deferred tax adjustment in the prior period. Stripping out the deferred tax adjustment of R805m, HEPS grew 3 per cent. Vodacom Group CEO, Shameel Joosub joins CNBC Africa for more.
Mon, 15 Nov 2021 10:58:05 GMT
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AI Generated Summary
- Impact of the pandemic on Vodacom's performance and demand for services post-COVID
- Expansion into new markets such as Egypt and Ethiopia and leveraging existing platforms for growth
- Commitment to resolving challenges related to conflicts in Ethiopia, spectrum allocation delays, and withdrawal from legal disputes for industry alignment
Vodacom Group, a leading telecommunications company, recently reported a 5% drop in first-half headline earnings per share, attributed to a once-off deferred tax adjustment in the prior period. Despite this setback, the company saw a 3% growth in HEPS after stripping out the tax adjustment of 805 million Rand. In an exclusive interview with CNBC Africa, Vodacom Group CEO, Shameel Joosub, shared insights into the company's performance and future strategies. Joosub highlighted the impact of the pandemic on the telecom sector, noting that while Vodacom benefited from increased online activity during lockdown periods, the demand has now stabilized. He emphasized the company's focus on post-COVID strategies, including recent expansions into Egypt and Ethiopia. Joosub outlined plans to leverage existing platforms such as financial services and IoT in these new markets. Despite challenges posed by conflicts in Ethiopia and delays in spectrum allocation, Vodacom remains committed to its growth initiatives. The company has withdrawn from a legal dispute over temporary spectrum allocation, aligning with industry efforts to address increasing data traffic. Joosub confirmed Vodacom's intention to apply for both low and high-frequency spectrum to support current operations and future technologies like 5G. With a strategic focus on key markets and technological advancements, Vodacom Group aims to maintain its position as a market leader in the African telecommunications landscape.
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