Capitec’s mobile virtual network operator (MVNO) product, Capitec Connect, has achieved significant growth in the first half of the 2024/25 financial year. The MVNO generated R69 million in net income during this period, nearly double its total net income for the entire 2023/24 financial year.
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In the previous financial year, Capitec Connect recorded a net income of R35 million. The R69 million figure for the half-year ended August 2024 represents a substantial increase from R4 million in the same period the year before.
As of August 2024, Capitec Connect had reached 1.2 million SIMs, with 50% generating revenue within the past 30 days. Data usage has also surged, reaching 5.1 petabytes in the half-year ended August 2024, up from 1.4 petabytes in the same period the year prior.
Capitec introduced new Capitec Connect products during this period, including expiring data bundles. These bundles offer more competitive pricing for specific data allocations, with one-day bundles valid for 24 hours regardless of purchase time.
The MVNO product has been a major success for Capitec. In the last financial year, it swung from a R7 million loss in 2022/23 to a R35 million profit, despite launching only in September 2022.
