South African telecoms group Vodacom reported a 25.7% rise in headline earnings per share on Tuesday, helped by growth across its markets and a greater contribution from Kenya’s Safaricom. Headline earnings reached 5.87 rand per share in the six months to 30 September, up from 4.67 rand a year earlier. The company raised its interim dividend by 7.6% to 3.55 rand per share.
Kenyan acquisition changes the earnings picture
Vodacom began consolidating Safaricom’s results in the second quarter after completing the purchase of a further 20% effective stake on 30 June. The deal increased its effective ownership to 55%. The stake acquired comprised 15% from the Kenyan government and 5% from Vodafone, Vodacom’s majority shareholder.
Bringing Safaricom into the group accounts means the year-on-year comparison reflects both growth in the businesses and a change in which operations Vodacom consolidates. Because the deal closed at the end of June, the interim figures include Safaricom on that basis for only the second quarter.
Mobile money revenue passes 100 billion shillings
Safaricom reported separately last week that its half-year net income rose 35.9% to 58.2 billion Kenyan shillings. Service revenue increased 13.1% to 226.1 billion shillings, with growth in both Kenya and Ethiopia.
Revenue from its M-Pesa mobile money service rose 13.6% to 100.1 billion shillings, passing 100 billion for the first time in a half-year. In Ethiopia, service revenue rose 71.6% to 10.6 billion shillings, while the operation’s loss before interest, tax, depreciation and amortisation narrowed to 434.4 million shillings.
Kenyan appeal remains in focus
The acquisition has faced a legal challenge in Kenya. Vodacom said in October that the Court of Appeal would expedite the case and preserve the existing position on the shares and the purchase payment pending the hearing. Under that arrangement, Vodacom’s acquisition vehicle remains the registered holder of the shares bought from the Kenyan government.
Newshub Editorial in Africa – 10 November 2026
South African telecoms group Vodacom reported a 25.7% rise in headline earnings per share on Tuesday, helped by growth across its markets and a greater contribution from Kenya’s Safaricom. Headline earnings reached 5.87 rand per share in the six months to 30 September, up from 4.67 rand a year earlier. The company raised its interim dividend by 7.6% to 3.55 rand per share.
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