French telecommunications giant Orange has announced a 0.5% increase in fourth-quarter revenue, reaching €10.4 billion ($10.9 billion).
The growth is primarily attributed to the company’s robust performance in Africa and the Middle East, where revenues surged by 10.5%.
Orange’s success in Africa can be attributed to targeted investments in key growth areas, including mobile data services, fixed broadband services, and Orange Money, the company’s mobile financial service.
Mobile data services saw an 18.4% increase, while fixed broadband services experienced a 19.5% rise. Orange Money grew by 20.4%.
In 2023, Orange Middle East and Africa generated €7 billion ($7.2 billion) in revenue, serving over 149 million customers. The company’s commitment to the region is demonstrated by its substantial investments in infrastructure, including €1.2 billion in 2023 to support the rollout of 3G and 4G mobile networks and fixed infrastructure.
Orange Ventures, the company’s venture capital arm, is also fostering innovation in Africa, with €50 million ($51.9 million) under management and a dedicated team based in Cairo.
The company has partnered with Digital Africa to double its support and investment for startups in its incubator centers across Africa and the Middle East.
