By Ian Walker
Vodacom Group Ltd. on Tuesday reported a 15% rise in third-quarter revenue as it benefited from the acquisition of Vodafone Egypt and depreciation of the rand against a basket of international currencies.
The South Africa-based telecommunications company generated revenue for the quarter ended Dec. 31 of 30.71 billion South African rand ($1.77 billion), compared with ZAR26.75 billion. Service revenue--a closely watched metric in the telecom sector--increased 16% to ZAR24.0 billion, or up 3.5% on a normalized basis.
Vodafone Egypt, which was consolidated from Dec. 8, contributed over ZAR1.8 billion to group service revenues.
Vodacom said that financial services revenue increased 31% to ZAR2.6 billion and that it remains a clear strategic priority for the company.
Write to Ian Walker at ian.walker@wsj.com
(END) Dow Jones Newswires
01-31-23 0103ET