Vodacom slashed its full-year dividend for fiscal 2023, as Africa’s biggest phone operator by value plans investments in new ventures in Egypt, Ethiopia and its fibre business. The dividend will be R6.70, down from R8.50 the previous year, Vodacom said in a statement Monday. That compares to an average estimate of R6.76 per share according to analysts surveyed by Bloomberg.
The company upgraded its medium-term targets for group service revenue growth to mid- to high-single-digit from mid-single digit. The power cuts have been “disastrous” for South Africa’s economy and industry, and pushed Vodacom to boost investment in power resilience, Joosub said in the statement.
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