Vodacom`s results for the year ended 31 March 2004 saw revenue jump by 18.7% to R23.5 billion and a net profit growth of 36.9% to just over R3 billion.
Alan Knott-Craig, group CEO of Vodacom, attributed the company`s performance to continued customer growth, with the number of local subscribers growing by 23.5% to 9.7 million and the total customer base increasing by 29.7% to 11.2 million.
Operations in Tanzania, Lesotho, the Democratic Republic of Congo and Mozambique reported a combined 21.2% growth in revenue to R1.5 billion, also driven by strong customer growth, but were negatively affected by the strong rand.
Other notable figures include data revenue growth of 58.9% to R1 billion and shareholder distribution of R2.1 billion. Significant events in the year included the launch of Vodacom Mozambique and the acquisition of 51% of cellular service provider, Smartphone.
Leon Crouse, Vodacom`s group finance director, says the company`s total cumulative capital expenditure increased by 13.1% to R20.7 billion, which included a R2.8 billion investment in cellular infrastructure, related IT infrastructure and billing systems.
The group consolidated its net debt position to R463 million due to strong cash flow from SA and a reduction in capital expenditure, Crouse says. "This reflects the group`s net debt position before payment for 51% of the equity of Smartphone, and settlement of the R1.5 billion dividend payable at the end of May 2004."
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