Vodacom praises Vodafone Egypt for immediate revenue lift

Vodacom’s acquisition of a 55 percent stake in Vodafone Egypt has resulted an increase in its third-quarter revenues of 4.7 percent to reach $1.76 billion in December, according a statement published on Tuesday.

The transaction means Vodacom’s population reach in the African market now exceeds 500 million. Egypt is Africa’s third most populous nation, with a population exceeding 104 million.

The acquisition presents a unique opportunity to advance Vodacom’s strategic connectivity and financial services ambitions through one of Africa’s premier telecom operators, said Vodacom Group CEO Shameel Joosub.

In South Africa, Vodacom’s largest market, service revenue grew 3 percent supported by its mobile prepaid business despite electricity availability challenges and consumers battling higher inflation.