Vodacom Group (VOD) FY24 – Results Snapshot

Diluted HEPS of 830.0 cps (FY23: 922.0 cps).
Revenue growth of +26.4% y-y.
Group service revenue growth was 29.1% y-y.
Contribution margin up to 61.7% (FY23: 61.4%).
Expense to sales up to 78.0% (FY23: 77.6%).
Operating margin down 100 bps to 23.5% (FY23: 24.5%).
Dividend of 635 cps (FY23: 770 cps).
Strong revenue growth supported by the acquisition of Vodafone Egypt.
In South Africa, service revenue growth of 2.6% y-y was largely on the back of new services, the consumer contract segment and prepaid mobile data.
Egypt now services 48.3 million customers, an increase of 6.2%
y-y.
International business supported by foreign exchange tailwinds, a 21.4% y-y increase in M-Pesa revenue, and a 30.5% increase y-y in data revenue.