Vodacom’s half-yearly results show a 9% decrease in net profit.
Vodacom has reported a 9% decline in half-yearly net profit compared to last year, from R8.9 billion to R8.1 billion.
Specifically, it noted that headline earnings were impacted by start-up losses in Ethiopia and higher finance costs as interest rates normalised to pre-Covid levels.Group revenue was up 7.7% year-on-year to R53.7 billion, supported by rand depreciation against Vodacom’s basket of international currencies.Eskom’s rotational power cuts were among the energy costs impacting Vodacom’s bottom line.
“Underpinned by an almost 20% increase in insurance policies, revenue generated from financial services improved 8.1% to R1.4 billion.”
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