According to data published by Remgro in its annual results report for the year ending June 30, 2026, Vumatel's operating profit increased by 57%, reaching 2.16 billion rand. This growth occurred against a backdrop of a 15.3% increase in revenue to 4.43 billion rand.
This report provides the first significant overview of the activities of Maziv, the holding company of Vumatel and Dark Fibre Africa, following the inclusion of Vodacom's fiber optic infrastructure into its assets. Vodacom acquired a 30% stake in Maziv on December 1, 2025, injecting 4.9 billion rand in assets and at least 6.1 billion rand in cash, after a four-year regulatory process that concluded with Icasa's approval in November.
Remgro attributes Vumatel's revenue growth primarily to Vodacom's acquired infrastructure, as well as an increase in subscribers in the existing network, noting that the profit jump reflects this revenue growth alongside a focus on cost management.
Dark Fibre Africa Financial Performance
Dark Fibre Africa, which constitutes the second half of Maziv, demonstrated an 8.9% increase in revenue to 3 billion rand and a 10.1% increase in operating profit to 1.24 billion rand for the same period. This growth is driven by Vodacom's assets and demand in the fibre-to-the-business segment. Remgro characterizes Vumatel as the main driver of group growth, while DFA is described as a stable infrastructure base generating cash.
When comparing the data, some differences should be considered: Maziv and its parent company Community Investment Ventures Holdings (CIVH) report as of March 31, not June 30, and the assets received from Vodacom are accounted for only for four months of the period, up to March 31, 2026. For this reason, Remgro states that CIVH's results cannot be directly compared with the previous year. Furthermore, it is not disclosed what portion of Vumatel's 57% growth is organic versus related to the Vodacom network.
CIVH Level Results
At the CIVH level, revenue increased by 13.8% to 7.69 billion rand, and the EBITDA, or earnings before interest, taxes, depreciation, and amortization, grew by 11.2%. CIVH transitioned to a net contribution to Remgro's profit of 319 million rand, up from a loss of 93 million rand the previous year, representing an improvement of 412 million rand and becoming one of the largest individual factors contributing to Remgro's gross metrics growth of 42.2%.
Herotel Integration
The second half of the deal was closed within the year. Vumatel received competition tribunal approval for the Herotel deal on December 23, 2025, and final license transfer approval from Icasa was obtained in May 2026, leading to the transaction's completion in June. Maziv additionally acquired 49.93% of Herotel shares from CIVH at a minimum price of 2.75 billion rand in exchange for new Maziv shares; Vumatel already held 49.96%. Vodacom injected at least 825 million rand in cash to restore its stake to 30%. This consolidates Herotel's regional and rural presence under Maziv's umbrella, expanding the group, which was approved by the appeals court regarding Vodacom's investment in August 2025.
Remgro, which owns 57% of CIVH, received 3.06 billion rand in dividends to date from both deals—2.66 billion rand after the Vodacom deal and another 394 million rand from Herotel. The share of CIVH's profit from the Herotel deal for Remgro amounted to 461 million rand.
Not all steps are complete. Another capital injection from Vodacom, the issuance of Maziv shares to CIVH, and an additional dividend to date still depend on an independent valuation confirming that the 49.93% stake in Herotel is worth more than 2.75 billion rand. Additionally, Vodacom did not exercise the option to increase its stake in Maziv by an additional 4.95%, which would have raised it to the ceiling of 34.95% agreed upon with competition authorities.
The results do not show overvaluation. Remgro values CIVH at an intrinsic value of 16.16 billion rand versus revised 15.8 billion rand the previous year—a growth of approximately 2% over a year during which the business gained a strategic shareholder, absorbed Vodacom's infrastructure, and consolidated Herotel. The book value changed more significantly, from 6.78 billion rand to 8.19 billion rand.
For a deal that took four years to approve and was once blocked, this is a rather conservative figure. This may reflect the fact that Vodacom's assets were only included for four months, or a deliberately conservative valuation ahead of capital expenditure commitments imposed by competition authorities.
In other parts of the infrastructure division, Remgro's Seacom contributed 71 million rand to gross profit compared to 12 million rand the previous year. These results appeared during a week when fiber consolidation was once again a topic of discussion, and CEO Octotel Trevor van Zyl told TechCentral that a merger with MetroFibre was being discussed.