<p>British telecoms giant Vodafone on Tuesday logged surging annual net profit on rising sales and sliding tax, one day after revealing that an Emirati firm has become its biggest investor.</p>.<p>Profit after tax jumped to almost 2.1 billion euros ($2.2 billion) in the financial year to March, Vodafone said in a results statement.</p>.<p>That compared with a profit of 112 million euros in its previous annual report, when its performance was severely disrupted by fallout from the Covid pandemic.</p>.<p>Revenues swelled four per cent to 45.6 billion euros this time around on strong growth in Africa and Europe.</p>.<p>"We delivered a good financial performance in the year with growth in revenues, profits and cash flows," said chief executive Nick Read.</p>.<p>"Whilst we are not immune to the macroeconomic challenges in Europe and Africa, we are positioned well to manage them and we expect to deliver a resilient financial performance in the year ahead."</p>.<p>Vodafone shares flatlined at 120 pence in London midday deals.</p>.<p>The stock had rallied Monday on news that state-controlled Emirates Telecommunications Group Company had become its biggest shareholder.</p>.<p>The group -- known also as Etisalat or "e&" and whose majority stake holder is the United Arab Emirates government -- has bought almost ten per cent of Vodafone for $4.4 billion.</p>.<p>It stressed it would not launch a takeover.</p>.<p>The UAE group decided to invest in Vodafone to gain significant exposure to a global leader in connectivity and digital services.</p>.<p>Read, Vodafone's CEO since 2018, is reportedly faces increasing criticism over his leadership.</p>.<p>British media reports suggest that activist investor fund Cevian Capital has built up a Vodafone stake and wants to force a sale of assets.</p>.<p>Vodafone in 2021 floated its European mast division Vantage Towers in Frankfurt, in a partial initial public offering that enabled it to slash debt.</p>
<p>British telecoms giant Vodafone on Tuesday logged surging annual net profit on rising sales and sliding tax, one day after revealing that an Emirati firm has become its biggest investor.</p>.<p>Profit after tax jumped to almost 2.1 billion euros ($2.2 billion) in the financial year to March, Vodafone said in a results statement.</p>.<p>That compared with a profit of 112 million euros in its previous annual report, when its performance was severely disrupted by fallout from the Covid pandemic.</p>.<p>Revenues swelled four per cent to 45.6 billion euros this time around on strong growth in Africa and Europe.</p>.<p>"We delivered a good financial performance in the year with growth in revenues, profits and cash flows," said chief executive Nick Read.</p>.<p>"Whilst we are not immune to the macroeconomic challenges in Europe and Africa, we are positioned well to manage them and we expect to deliver a resilient financial performance in the year ahead."</p>.<p>Vodafone shares flatlined at 120 pence in London midday deals.</p>.<p>The stock had rallied Monday on news that state-controlled Emirates Telecommunications Group Company had become its biggest shareholder.</p>.<p>The group -- known also as Etisalat or "e&" and whose majority stake holder is the United Arab Emirates government -- has bought almost ten per cent of Vodafone for $4.4 billion.</p>.<p>It stressed it would not launch a takeover.</p>.<p>The UAE group decided to invest in Vodafone to gain significant exposure to a global leader in connectivity and digital services.</p>.<p>Read, Vodafone's CEO since 2018, is reportedly faces increasing criticism over his leadership.</p>.<p>British media reports suggest that activist investor fund Cevian Capital has built up a Vodafone stake and wants to force a sale of assets.</p>.<p>Vodafone in 2021 floated its European mast division Vantage Towers in Frankfurt, in a partial initial public offering that enabled it to slash debt.</p>