Safaricom announces a record Ksh.63.4B net profit

Listed telco Safaricom has announced a record Ksh.63.4 billion in its financial year ending March 31, 2019.

The performance represents a 14.7 percent increase compared to last year’s Ksh.45.1 billion.

During the same period under review, revenue for the giant telco also grew by 7 percent toKsh.240.3 billion.

CEO Bob Collymore attributed the results to a strong growth in Mpesa revenue. This growing by 19.2 percent to Ksh.74.9 billion shillings

‘We are pleased with strong results we have delivered for this year,’ Collymore told an investor briefing on Friday morning.

Earnings from mobile data increased by 6.4 percent to Ksh38.7 billion, while fixed services revenue grew by 22.7 percent to Ksh.8.9 billion.

Text messaging services revenue however declined by 1.3 percent to Ksh.17.5 billion. Voice revenue grew marginally by 0.3 percent to Ksh.95.9 billion.

Safaricom has also announced plans to double its 4G network to cover an estimated 80 per cent of Kenya. This Collymore said will cost the firm Ksh.36 billion.