Vodafone Group revealed a 2.4% growth rate in its revenues during the second quarter (Q2) of the fiscal year (FY) 2016/2017. Vodafone’s FY begins on 1 April.
The company has attributed the overall growth of its revenues to the 7.1% growth of its Africa, Middle East, and Asia Pacific (AMAP) market revenues and 1% growth in European markets.
Vodafone has also attributed the growth in its business in the AMAP region to the strong growth experienced by Turkey, Ghana, and Egypt. The company’s revenues in the Turkish market have grown by 15.7% during Q2, whereas the company’s revenues in the Egyptian market increased by 15.1% during the same period with support from the steady growth in the number of data transfer users and returning customers.
According to the business results of the group, the total revenues during the first half (H1) of Vodafone’s FY 2016/2017 reached €27.05bn, compared to €28.15bn in 2015, with a 3.9% decline. The revenues of the company during the mentioned period in Europe declined from €18.24bn in 2015 to €17.54bn in 2016.
Vodafone revenues in the AMAP region declined from €9.18bn in 2015, to €8.89bn in 2016.
During H1 of FY 2016/2017, the company’s revenues in Egypt declined from €796m compared to €818m in 2016.
In October 2016, Vodafone Egypt acquired a spectrum licence for 2x5MHz at 2.1GHz for 15 years and extended the existing 2G/3G licences to the same 2031 expiry year at a cost of $335m, enabling the launch of 4G services. Telecom Egypt was awarded a licence to provide 4G services in addition to 2G and 3G services via national roaming in August 2016, and is required to commence services within six months from the date of the licence award.