Safaricom breaks record with profit of Ksh140 billion

Business & Tech
Safaricom breaks record with profit of Ksh140 billion

Safaricom PLC on Thursday May 9, 2024 disclosed that it has recorded a profit of Ksh.139.9 billion in earnings before interest and tax in the period ending March 31, 2024.

This was after Safaricom’s profit increased by 20%, making it the  first company in East Africa to hit past a billion-dollar mark in earnings.

In addition, the company noted that its earnings surpassed market expectations and the group guidance range of Ksh.129 billion and Ksh.132 billion.

According to Safaricom CEO Peter Ndegwa, M-Pesa has crossed the 40 percent mark in contributing to Safaricom’s service revenue.

The company’s revenue grew by 13.4 percent to Ksh335.3 billion in the review period, with M-Pesa contributing 42.4 percent of revenue at Ksh140 billion while GSM business contributed 52.7 percent at Ksh.173.9 billion.

At the same time, the net income increased by 13.7 percent to Ksh.84.74 billion for Safaricom Kenya while the group net income excluding minority interest increased by 1.2 percent to Ksh.62.99 billion.

Speaking while unveiling the report, Ndegwa attributed the performance to investments in new technologies and better use of data and analytics to understand and serve customers better.

“As a result of our razor-sharp focus on our customers, we are now a billion-dollar business in Kenya,” said Safaricom CEO Peter Ndegwa.

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