South Africa’s vodacom increases dividend

  1. Posted on Monday 8 November 2010 - 12:00
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    John Afful Jnr, AfricaNews reporter in Takoradi, Ghana
    SA mobile phone operator Vodacom has seen a rise of 38.4 percent in its first-half earnings on Monday, facilitating subtractions of one-time charges and hiked its dividend. The company said it increased its first-half dividend by 64 percent to 180 cents. It also said it had bought back 959 million rand of its own shares, as it looks to increase returns to shareholders.
    vodacom logo
    Vodacom, majority owned by Britain's Vodafone has dominated mobile phone operations in Africa's biggest economy, said headline earnings per share for the six months to end-September rose to 303 cents, compared with 218.7 cents a year and at the top end of its own forecast range of 285 to 307 cents.

    Headline EPS is the main gauge of earnings in South Africa and strips out certain one-time and financial items.

    The group, which has mobile operations in five African countries, said it expected its full-year capital expenditure to be lower at 6.8 billion rand.

    Vodacom, the largest mobile player in South Africa, is overshadowed across the continent by rival MTN Group.

    It faces new competition from former shareholder Telkom, which last month launched its own mobile business, 8.ta.

    Regulatory changes may also negatively impact Vodacom's revenue as the country's telephone regulator is forcing mobile phone companies to cut the fees they charged to handle calls from other providers.

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