• About Us
  • Contact
Friday, March 31, 2023
No Result
View All Result
NEWSLETTER
The Business Wiz
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
  • Home
  • Featured News
  • Economic
    • Currency
  • Investment
  • Markets
    • Stock Market
  • Sectors
    • Agriculture
    • Commodities
      • Markets
    • Construction
    • Energy
    • Financial Services
    • Information Technology
    • Infrastructure
    • Manufacturing
    • Markets
    • Mining
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation
No Result
View All Result
The Business Wiz
No Result
View All Result
Home Sectors Telecomunication

Vodacom Tanzania rakes in 5.1bn/- profit in 2022 driven by M-Pesa, data

by Editor
31/01/2023
in Telecomunication
0
Vodacom Tanzania rakes in 5.1bn/- profit in 2022 driven by M-Pesa, data
Share on FacebookShare on Twitter

Vodacom Tanzania has reported stronger than expected Profit After Tax (PAT) of 5.1bn/- in 2022 as compared to a loss of 3.5bn/- posted during the corresponding period in 2021 driven by a strong performance across M-Pesa,data and fixed revenue, the company said.

The Dar es Salaam Stock Exchange (DSE) listed company’s total revenue also grew by 14.2% to 281.8bn/-while its service revenue increased by 13.9% to 277.7bn/-.

According to the company’s Quarterly report for the quarter ended December 31, 2022 the company’s service revenue performance in the quarter was however partly offset by pressure on voice with a 21.3% decline in average price per minute, a result of heightened competition on voice bundles.

The Vodacom Tanzania Managing Director Philip Besiimire, said the company’s cost transformation initiatives continued to generate savings last year that helped offset cost pressures related to the global challenges, such as fuel price escalations and chipset shortages.

Vodacom Tanzania said its bullish performance was M-Pesa,data and fixed revenue. PHOTO / COURTESY.

“From a profitability perspective, we generated 26.4bn/- operating profit being a 33.8% increase. The operating profit was supported by revenue growth and cost containment initiatives, partly offset by 6.7% increase in depreciation and amortisation expenses, reflecting additional investment made in our network including the newly acquired spectrum,” Besiimire said.

Proper execution of Vodacom Tanzania’s customer base growth and experience strategy helped the leading telecom company in Tanzania to grow its customer base by 6.0% to 16.3 million last year.

According to the company’s financial performance report for 2022, the company’s data customers increased by 10.5% to 8.4 million while its M-Pesa customers increased 11.8% to 8.0 million.

“Our machine learning capabilities continued to facilitate multi-product offerings as we leverage our system of advantage, delivering an improved customer experience through personalisation. Our efforts culminated in us maintaining our customer satisfaction leadership measured through the Net Promoter Score (NPS),” he said.

He added, “Looking forward, we are encouraged with our current business performance and we will continue to focus on capturing business opportunities amidst intense competition, to ensure that we deliver business growth and generate value to our shareholders,” he said.

Besiimire noted that his company is committed to working towards its purpose of connecting Tanzanians towards a better future adding that the company will continue investing in its network particularly data infrastructure.

“This will expand our customer reach and avail access to high speed data services, which in turn provides our customers with the best customer experience. To this end, we will continue rolling out our 5G network and fixed access services to serve both consumer and business segments,” Besiimire added.

He said that in addition to investing in enabling infrastructure,  the company will continue to work towards improving our customer experience and making our services accessible to all, supporting inclusivity.

Tags: #LatestBusinessNews#LatestTanzaniaBusinessNews#LatestTBWNews#TanzaniaBusinessNews
Editor

Editor

Next Post
Africa’s wealthiest people shed a combined $3.1 billion in the past 12 months

Africa's wealthiest people shed a combined $3.1 billion in the past 12 months

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Exchange Rate

Exchange Rate USD: Fri, 31 Mar.

Recommended

Resumption of operations at Petra Diamonds’ Tanzania mine may take three months

Resumption of operations at Petra Diamonds’ Tanzania mine may take three months

5 months ago
Carbon emissions from energy to peak in 2025 in ‘historic turning point’, says IEA

Carbon emissions from energy to peak in 2025 in ‘historic turning point’, says IEA

5 months ago

Popular News

    News

    Get latest news from us.


    SUBSCRIBE

    Category

    • Agriculture
    • Aviation
    • Banking
    • Commodities
    • Construction
    • CSR
    • Currency
    • Economic
    • Energy
    • Featured News
    • Financial Services
    • Information Technology
    • Infrastructure
    • Investment
    • Jobs
    • Manufacturing
    • Markets
    • Mining
    • Others
    • Q&A Interviews
    • Real estate
    • Telecomunication
    • Tourism
    • Transportation

    About us

    The Business Wiz (TBW) is Tanzania’s premier one-stop online platform providing in-depth, accurate and timely business news, analysis, commentary and online business information portals and research.

    • About Us
    • Contact

    © 2022 The Business Wiz

    No Result
    View All Result
    • Home
    • Featured News
    • Economic
      • Currency
    • Investment
    • Markets
      • Stock Market
    • Sectors
      • Agriculture
      • Commodities
        • Markets
      • Construction
      • Energy
      • Financial Services
      • Information Technology
      • Infrastructure
      • Manufacturing
      • Markets
      • Mining
      • Real estate
      • Telecomunication
      • Tourism
      • Transportation

    © 2022 The Business Wiz

    en English
    ar Arabiczh-CN Chinese (Simplified)en Englishfr Frenchde Germanit Italianru Russianes Spanishsw Swahili