WOLMARANSSTAD - Mobile operator Vodacom has suffered a significant blow to profits, with headline earnings diving close to 20% in the six months ended 30 September 2024.
The group reported flat earnings for the period, growing 1% to R73.54 billion (2023: R72.8 billion). On a ‘normalised’ basis—looking at performance on what Vodacom deems a “comparable basis”—revenue growth was up 10.4%.
The comparable basis adjusts for trading foreign exchange and foreign currency fluctuation and excludes the impact of merger, acquisition and disposal activities to show a like-for-like comparison of results.
Using this metric, Vodacom says that its operating profit for the period was up 9.6%—however, on the books, it was down 5.2% to R16.13 billion (from R17 billion the year prior).
Group service revenue was up 9.9% when adjusted, but in nominal terms, down 1.2% to R58.6 billion.
Net profits for the period are not adjusted. The group’s profits dropped 21.1%, from R9.97 billion in 2023 to R7.86 billion in 2024.
Headline earnings share was down by 19.4% to 353 cents from 438 cents the year prior
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Financial data provided by: iress, 15min delay
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Updated: 31 January 2025 Friday
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