South Africa’s Vodacom lifts medium-term targets after Safaricom deal

JOHANNESBURG: South Africa’s mobile telecoms operator Vodacom Group upgraded its medium-term growth targets on Monday after completing its acquisition of a controlling stake in Kenya’s Safaricom , while reducing its dividend payout ratio.

The Africa-focused company raised the target as ‌it reported a ⁠6.3% ⁠rise in first-quarter group service revenue to 34.3 billion rand ($2.1 billion), driven by strong growth in Egypt and the rest of its business on the continent.