Vodacom Tanzania Achieves Remarkable 200% Profit Surge in Q3 2024
Dar es Salaam – Vodacom Tanzania has reported an exceptional financial performance, with net profit after tax surging by 200% to 53.4 billion Tanzanian shillings in the third quarter of 2024.
The company’s robust growth is driven by significant increases in mobile money and data services, with service revenue rising 20.5%. Mobile subscribers expanded to 22.0 million, representing a 15% increase, while data customers grew by 16.9% to 11.6 million.
Key Financial Highlights:
– Net profit increased from 17.7 billion to 53.4 billion shillings
– Mobile money services grew by 28.8%
– Data revenue rose 23.6%
– 4G network expanded to 3,172 sites
– Data traffic increased 27.3%, with 4G traffic growing 42%
Strategic investments in network infrastructure and digital services have been crucial to this remarkable performance. The company has focused on expanding smartphone penetration, enhancing network resilience, and developing innovative financial products like M-Wekeza, a mobile investment platform.
Cost-saving initiatives and favorable foreign exchange conditions further contributed to the strong financial results. The company remains committed to connecting Tanzanians and driving digital transformation in the telecommunications sector.
These results demonstrate Vodacom Tanzania’s resilience and strategic capabilities in a competitive market, positioning the company for continued growth and innovation.
