South Africa’s (SA) Vodacom Group upgraded its medium-term growth targets on Monday after completing its acquisition of a controlling stake in Kenya’s Safaricom, while also reducing its dividend payout ratio.
The Vodafone majority-owned company said it had upgraded its medium-term target for earnings before interest, tax, depreciation and amortisation and operating free cash flow growth to the early teens, from its previous target of double-digit growth.
As part of a broader review of its capital allocation framework, Vodacom also updated its dividend policy to a payout ratio of at least 65% of headline earnings from 75%.
–Reuters–
