The company, majority-owned by Britain's Vodafone co-launched Safaricom Ethiopia in 2022 as part of a consortium, betting that the populous nation will power growth after about five years of investment. Vodacom has a direct 5.7% stake.
The biggest telecoms operator in SA said headline earnings per share (HEPS), a profit measure, fell to 846 cents in the year ended March 31 from 948 cents a year earlier.
Group Chief Executive Officer, Shameel Joosub, said weaker exchange rates across markets including the recent devaluation of the Egyptian pound contributed to the decline in HEPS.
He said despite start-up costs associated with operations in Ethiopia, Safaricom has confirmed that its network roll-out was on track in Africa's second-most populous country after Nigeria.
Group service revenue grew 29.1% to R120.9 billion ($6.57 billion), benefiting from the acquisition of Vodafone Egypt.
On a pro-forma comparable basis, group service revenue growth was 9.2%, at the higher end of its medium-term range.
Group earnings before interest, tax, depreciation and amortisation grew 24.3% to R56.1 billion ($8.47 billion) and by 7.8% on a pro-forma basis, with Egypt being a key driver of the growth.
Joosub said despite the economic backdrop, the group is committed to capital expenditure of 13% to 14.5% of overall revenue of R151 billion($8.19 billion).
The board declared a final dividend of 285 cents a share.
--Reuters--
