Vodafone Group Plc (VOD), the second- largest mobile service provider, is boosting investments in its African businesses as higher growth rates promise relief from stagnant earnings in Europe.
Vodafone’s biggest African partner and South Africa’s largest wireless carrier, Vodacom Group Ltd. (VOD), today said full- year earnings per share rose at least 25 percent as the company expands into new countries on the continent.
Vodafone is relying increasingly on Africa as profit from its 65 percent stake in Vodacom surpassed that from the Newbury, U.K.-based company’s British unit in 2010 and outpaced the Spanish division the following year.
“Without a doubt we have put more money into the southern African markets where we have been seeing revenue growth rates of around 20 percent per annum,” Vodafone Chief Financial Officer Andy Halford said in an interview from his London office yesterday.
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