Kenya telecoms operator Safaricom, today, May 9 announced that its group earnings before interest and tax, excluding Ethiopia, was KSh139.9 billion in its full year to end-March.
It becomes first company in the region to cross past billion-dollar mark in earnings after operating profit for the full year to March rose by 20 per cent to Sh139.9bn, CEO Peter Ndegwa announces.
“We have delivered a strong performance in the penultimate year of our 2025 strategy. These results are the outcome of an increasingly efficient and productive workforce attributed to our agile way of working; and accelerated investment in new capabilities that has enabled us to harness the power of big data to drive informed decision-making and enhance our customers’ experiences,” Ndegwa said.
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Gross earnings fell to KSh84 billion from KSh88 billion recorded in the previous year.
Net earnings at the Telco for the year ended March 31, 2024 declined by 18 per cent to KSh42.6 billion compared to Sh52.4 billion a year earlier.
According to the firm, tough operating environment during the year under review as a result of forex volatilities which led to the shilling drop to lowest levels against major international currencies.
M-Pesa contributed hugely to the firm’s service revenue, officially crossing the 40 per cent mark to Sh139.9 billion, translating to 42 per cent of firm’s total service revenue.
“Our success is a testament to the hardwork, dedication, and resilience of our team, and I am confident that we will continue to build on this momentum in the years to come,” Ndegwa added.
By our reporter
By our reporter
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