Vodacom pays out TZS54.5 billion in dividends to equity shareholders
- Vodacom reports Annual Net Profit increase to TZS 90.2 Billion
Leading Telecommunication Company Vodacom Tanzania PLC has reported an end of year net profit of TZS 90.2 Billion shillings. This was attributed to increase of service revenue reaching TZS1 018.9 Billion driven by strong growth in M-Pesa, mobile data and messaging revenue. The company acquired an additional 1.2 million customers in the past year increasing its customer base to a whopping 14.1 million.
During the last financial year Vodacom made a significant investment of TZS171.4 billion (16.7% of revenue) in network expansion, increasing 4G coverage in major cities, upgrading capacity, and modernising the network to enable a superior data customer experience.
Vodacom which has the country’s fastest network prides itself of the value it has created during the year including TZS 54.5 billion paid in dividends to equity shareholders, TZS 59 billion invested in remuneration, training and development of its 548 permanent staff as well as provision of indirect employment to over 127, 000 Tanzanians.
Speaking during Vodacom’s Annual General Meeting today, Chairman of Vodacom’s Board of Directors Ali Mufuruki said, “Vodacom is also proud of its social investments which amount to 1.1 trillion shillings cash contributions paid to public finances in taxes, spectrum and regulatory fees over the last three years of which payment of TZS0.4 trillion shillings was made in 2019 alone.”
“Growth in the telecommunication industry has been sluggish over the year. As a key player in the industry, we are proud to be the driver for growth in this sector.” Mufuruki concluded.
Vodacom Tanzania PLC is the leading mobile communication service provider with the fastest data network in the country. We provide communication services to over 14 million subscribers. Vodacom Tanzania and its subsidiary companies are part of the Vodacom Group registered in South Africa which is in turn owned by Vodacom Group Plc of the United Kingdom. It has been registered in the Dar es Salaam Stock Exchange (DSE) with registration number ISIN: TZ1886102715 Stock name: VODA.