Vodacom to pay R7.5bn final dividend as profits get international boost
A Vodacom outlet in Johannesburg. Picture: REUTERS / SIPHIWE SIBEKO
“As the effects of the Covid-19 pandemic continue to unfold, the outlook for the economies in which we operate is uncertain,” Vodacom said in a statement. “We will be postponing the issuance of medium-term targets, until such time that we have more clarity on the economic outlook and the effect.” The crisis has increased demand for telecom services, but without easing pressures felt by consumers over time, this puts the company’s ability to generate revenues at risk, Joosub said.
Shares in Vodacom have gained nearly 10% in the past 12 months, compared with a 50% drop in MTN, whose second-biggest lucrative market, Nigeria, is grappling with the public health crisis and a collapse in the price of oil, its export mainstay. Shares in Telkom, which is in the middle of heavy investments to build its mobile phone network, is down roughly 80% over the same period.
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