African Telecom Giant Vodacom First-Half Profit Drops 18% on Currency Swings

12 November 2024

Vodacom Group Ltd., Africa’s largest phone company by market value, has reported an 18% decline in ﬁrst-half net income, primarily due to currency devaluations in Egypt and Ethiopia. The company’s net income fell to 6.84 billion rand ($388 million) during this period, according to a statement released Monday. The Johannesburg-based company also announced its third consecutive interim dividend cut, reducing it from 3.05 to 2.85 rand per share.