South Africa: Telkom Posts 3.5 Percent Rise in Revenue On Mobile and Fibre Growth, Appoints New CEO

analysis

Mobile and fixed-line operator Telkom recorded a 3.5% jump in revenue, lifted by a leap in broadband and fibre customers needing internet for home-based work and schooling due to Covid-19.

Telkom has continued to make strides in its push for a bigger share of mobile business. Mobile service revenue climbed 13% to R4.4-billion. The growth was down to 36.3% year on year increase in active customers, to 16.1 million, solidifying its third-place spot.

Also on Wednesday, Telkom named outgoing chief executive Sipho Maseko's successor. The firm said Serame Taukobong, the current head of Telkom's consumer business, would take over in July 2022 when Maseko steps down after what will be nine years in the top seat.

Maseko surprised markets last week when he announced his retirement, with investors fearing a protracted recruitment period that risked detracting from the firm's turnaround.

Maseko took over in 2013 at a time when it looked to be falling behind in the mobile race as its fixed line business became increasingly redundant.

Taukobong joined Telkom in 2018 from MTN, where he was CEO and later chief of the mobile operator's Ghana business.

Telkom, which plans to plough billions of rands into capital expenditure to wrangle...

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