Vodacom Group H1 profit jumps, eyes potential African acquisitions.

By bne IntelliNews November 9, 2010
Vodacom Group, South Africa's largest mobile phone operator by subscribers, posted a sharp rise in first-half profit and said it was on the lookout for possible acquisitions across Africa. The company's net income climbed to ZAR 4.42bn (USD 652.4mn) in the six months through September, from ZAR 61mn a year earlier, it said in a statement. Its sales rose 3% to ZAR 29.5bn. Meanwhile, the CEO of Vodacom, which is controlled by British mobile telecoms group Vodafone, told Bloomberg in an interview that the group may look to grow via acquisitions. Pieter Uys noted that countries like Malawi, Angola and Ethiopia have only one operator and low penetration levels. He said the company would be interested if there is an asset that's not valued at 10 times EBITDA when Vodacom is trading at 5 times EBITDA. We will look at it, but we are not going to throw away shareholder money, Uys was quoted as saying.

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