Revenue of Vodafone’s AMAP Segment Continued to Grow

In the earlier parts of the series, we looked at the performance of Vodafone (VOD) in Europe. We covered the performance of Vodafone in geographies including Germany, the United Kingdom, Spain, and Italy.  We learned that Vodafone Europe continued to dampen overall revenue growth of the company during fiscal 1H16. Also, the European segment’s revenue fell at ~4.8% YoY (year-over-year) to reach ~13.1 billion pounds in during the period. In this part, we’ll look at the performance of Vodafone’s AMAP (Africa, Middle East, and Asia-Pacific) segment in fiscal 1H16.

AMAP’s revenue rose by ~3% YoY to reach ~6.6 billion pounds during the period. Organically, this revenue stream rose by ~8.2% YoY in fiscal 1H16.

Here’s a breakdown of the company’s revenue in several regions during fiscal 1H16:

• Vodafone’s revenue in India rose organically by ~6.1% YoY to ~2.2 billion pounds. During the period, Vodafone’s service revenue in this geography rose organically by ~6.3% YoY.
• Vodafone’s revenue from Vodacom rose ~5.7% YoY, organically, to ~2.1 billion pounds in fiscal 1H16. Also, Vodafone’s service revenue in this region rose organically by ~4.2% YoY to ~1.7 billion pounds during the period.
• Vodafone’s revenue in Turkey rose ~27.6% YoY, organically, to ~1.0 billion pounds in fiscal 1H16. Additionally, Vodafone’s service revenue in Turkey rose organically by ~17.6% YoY to ~0.8 billion pounds.

The iShares Global Telecom ETF (IXP) had ~7.4% of its holdings in Vodafone at the end of September 2015. Note that the ETF held a total of ~37.9% in AT&T (T), Verizon (VZ), and Telefonica (TEF) on the same date.