Safaricom Posts 14% Increase in Profit to Sh71.7 Billion

Kenya’s largest telco operator by market share Safaricom has posted 14% increase in profit after tax for the full year ended March 2020 to Ksh71.7 billion compared to the Ksh63.5 billion it posted at a similar period the previous year.

The growth of the revenue was largely driven by a strong performance by M-PESA which generated Ksh84.4 billion which is equal to 33.6% of Safaricom’s total service revenue which stood at Ksh251.2 billion.

According to Chief Financial Officer Sateesh Kamath who spoke in a broadcasted conference, revenues generated from mobile data stood at Ksh40.7 billion accounting for 16.2% of the telco’s service revenues.

Voice calls accounted for 34.5% of the total service revenue.

The company has announced a dividend of Ksh1.40 per share with the company saying its unable to provide shareholders and analysts with forecasts for the next financial year due to uncertainity precipitated by the shocks of the COVID-19 Pandemic.

More to follow