Vodacom reports a significant drop in earnings despite sales growth and customer increase.

Vodacom, Africa's largest phone company, reported a 19.4% drop in half-year earnings, mainly due to startup losses in Ethiopia and currency devaluations. Despite a 1% rise in sales to $4.2 billion, net income fell to 6.84 billion rand. The company celebrated its 30th anniversary, highlighting a 9.9% increase in service revenue and adding 10.9 million customers in the last year. Vodacom cut its interim dividend by 7% and faces an ongoing legal battle in South Africa.

November 11, 2024
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