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Telkom SA SOC Ltd today announced its Interim Results for the six months ended 30 September 2023, showing steady progress in its strategy to position itself as the leading digital infrastructure company at the heart of South Africa's digital future.
The results show improved financial performance, with Group revenue up 2.5% to R21.8 billion and EBITDA up 1.7% to R5.025 billion. Headline earnings per share improved 46.7% to 195.0 cents and basic earnings per share were up 52.1% to 200.2 cents.
Free cash flow improved by 130% to R573m excluding restructuring costs and improved 74.9% to negative R474 million including, driven by significant working capital improvements.
Telkom also announced that it had entered exclusivity with a preferred bidder for the potential disposal of its towers subsidiary Swiftnet. This aligns with Telkom's strategy to focus on its core connectivity infrastructure and in line with sector trends. As a result, Swiftnet which produced an EBITDA margin of 74.8% is now classified as "held for sale".
Telkom Consumer showed 10.3% mobile data revenue increase, 14.6% EBITDA growth and 22.9% mobile data traffic growth, with fibre revenue growth of 31.2%.
Openserve has grown next generation revenue contribution to total revenue to 74.4% and showed EBITDA margin improvement of 2.5ppts to 31.8%. Openserve also maintained the highest connectivity rate in the market of 46.8%.
"These results show we are making steady progress executing our infrastructure-focused strategy under OneTelkom," said Telkom Group CEO, Serame Taukobong. "The growth in our mobile and fixed data services demonstrates our investments in next generation technologies have also put us on the right path as data consumption continues to surge across our networks."
"Our strategy and performance continues to deliver industry-leading connectivity rates, enabling more South Africans access to affordable, high-speed internet," Taukobong added. "We are encouraged by the progress made in the Swiftnet transaction which, when concluded, will enable us to strengthen our balance sheet and continue to execute our strategic goals."
The Company maintained its full year guidance, while noting the challenging economic climate.
"Our performance shows we are focused on the right areas. Telkom continues to connect South Africans to a better life through our robust networks and advanced technologies," Taukobong said.
Ends.
About Telkom
Telkom SA SOC Ltd is a leading information and communications technology services provider in South Africa. Our mission is to seamlessly connect people to a better life. We carry this through in all our brands, whether at the consumer, business, or wholesale level.
Telkom consists of the following business units: BCX, an end-to-end digital solutions provider; connectivity and wholesale division Openserve; Telkom Consumer and Small Business and property company Gyro.