Live Updates; Safaricom Full Year 2019/2020 Financial Results

Safaricom will be releasing their full-year 2019 financial results this morning. A key highlight will be the growth in revenues and growth in Mpesa brand in 2019. Further, this will be the first public appearance of the new Safaricom CEO Peter Ndegwa who took over earlier this month.

The chairman, Nicholas Ng’ang’a, thanks the management team and interim CEO Michael Joseph for ensuring a smooth transition since the demise of CEO Bob Collymore. In addition, Ng’ang’a says that the telco is trying to find stability in a shifting landscape marred by global health emergency that threatens to disrupt the supply chain. For instance, COVID19 has led to low consumer purchases and high production costs. Safaricom’s total value of the contribution towards fighting COVID19 currently stands at Ksh6.5 billion. Further, the chairman reveals that Safaricom has remitted Ksh111 billion to the exchequer in terms of duties, taxes, and license fees.

The outgoing CEO, Michael Joseph says that