Vodacom’s profits fell 13.5% in the six months to 30 September, the company reported on Monday.
Results were hit by the issuing of 114 million new shares to meet black ownership targets.
Vodacom reported headline earnings per share of 385 cents, down from 445 cents per share.
The company added 373 000 new subscribers, taking it to 109 million.
It increased dividends by 1.3% to 395 cents per share while its largest competitor, MTN, cut its dividend payout by 30% to 175 cents a share.
Listen to the interview in the audio below (and/or scroll down for quotes from it).
The consumer is definitely under pressure…— Shameel Joosub, Vodacom
Competition is driving more value… We recognise prices must come down… Consumers want them to drop even further…— Shameel Joosub, Vodacom
We dropped out-of-bundle rates last year… We must continue to drop our in-bundle rates as well…— Shameel Joosub, Vodacom
I use a Samsung and an iPhone… both have benefits but, to be frank, I use the Samsung more.— Shameel Joosub, Vodacom
The underlying cost…. If we don’t have access to spectrum, we’re not optimally spending money… We’ve been having the same conversation for six years now… Digital migration still has to happen to free up spectrum.— Shameel Joosub, Vodacom
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