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Vodacom Exceeds 11 Million Customers, But Revenue Declines

Vodacom Exceeds 11 Million Customers, But Revenue Declines

Mobile operator Vodacom surpassed 11 million customers in Mozambique, an increase of 8.5 per cent in one year, but revenues per user fell by almost 25 per cent.

“Mozambique’s performance was disappointing, with service revenues declining during the year, but recent regulatory reforms on pricing should significantly improve the market outlook,” reads the financial report for the fiscal year ended 31 March, which Lusa had access to on Friday, 14 June.
According to the document, Vodacom Mozambique’s average revenue per customer fell on 31 March 2024 to 151 meticals (2.20 euros) per month, down 24.1% from 199 meticals (2.90 euros) on 31 March 2023.
On the other hand, at the end of March the company had around 11.6 million customers, compared to 10.7 million a year earlier. The international operator also says in the report – which also includes data from operations in Lesotho, Tanzania, the Democratic Republic of Congo, South Africa and Egypt – that Vodacom Mozambique’s revenues fell by 11.8 per cent to 23.2 billion meticals (338.3 million euros), compared to 26.3 billion meticals (383 million euros) in the previous fiscal year.

The company has been operating in telecommunications – one of three in the country – since 2003, with Vodacom International (85%) as its shareholder and local partners such as Empresa Moçambicana de Telecomunicações (1.99%), Intelec Holdings (6.5%) and Whatana Investments (6.5%).

The document also emphasises that the group has reached 200 million customers in the various countries in which it operates, as it marks 30 years of activity. “We hope that the recent regulatory reforms in Mozambique will significantly improve our prospects in this market,” reads the message from the chief executive of the international Vodacom group, Shameel Joosub, in the report.

However, on 4 June the Mozambican National Communications Institute (INCM) suspended the resolution setting minimum limits for telecommunications tariffs, as directed by the government, and announced “additional studies” before going ahead with new measures, following strong social protest.

“Additional studies are underway, in coordination with the telephone operators, in order to follow up on the recommendations of the Council of Ministers,” said a statement from the INCM.

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