Vodacom has released its annual financial results, reporting that South Africa’s power crisis weighed on its profits.
Vodacom has released its preliminary annual results for the financial year that ended on 31 March 2023, reporting modest revenue growth in South Africa and a decline in operating profit.
Vodacom said it had spent over R4 billion on backup power solutions such as batteries and generators since 2020. “In the fourth quarter, service revenue growth was 1.3%, supported by ongoing resilience in prepaid.” “The consumer segment performance benefited from contract price increases of between 3% and 5% implemented in the first quarter of the financial year.”
“Subscriber growth for the year was impacted by a clean-up of 1.5 million customers in the third quarter,” Vodacom said.
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