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Safaricom earnings hit Kes140billion, becoming the first company in the region to hit past the billion-dollar mark

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The earnings before interest and tax (operating profits) is a measure of how efficient the management has been utilizing investor funds

Nairobi, Kenya; Addis, Ethiopia – 09th May 2024 Safaricom (NSE: SCOM) PLC has announced a KShs 139.9 Billion in its earnings before interest and tax in the period ending March 31st 2024. At a group level, incorporating the startup costs and investments in Safaricom Ethiopia, the group closed at an EBIT of KES.94.9 billion, a 3.5% growth year on year.

The earnings surpassed both the market expectations and the group guidance range of KES129billion-132billion.This performance was driven by customer segmentation, public sector digitisation, investments in new technologies and better use of data and analytics to understand and serve customers better.

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Peter Ndegwa, Safaricom PLC CEO said: “We are extremely pleased with what we have been able to achieve as a group despite the significant startup costs in our Ethiopia business. We expect that from 2025, Ethiopia will start being a significant growth contributor at group level for both top and bottom line.”

In the period under review, Safaricom PLC Group revenue grew by 13.4% to KShs 335.3 billion, with M-PESA contributing 42.4% of revenue at KShs at 140 billion and GSM business contributing 52.7% at Kes.173.9 Billion.

Mr Ndegwa spoke during the announcement of the Full Year 2023/2024 results, which saw net income increase by 13.7% to KShs 84.74 billion for Safaricom Kenya. While the Group net income excluding minority interest increased by 1.2% to KShs 62.99.

Mr. Ndegwa noted that the company vision towards purpose-led technology company was a key factor in investment in new technologies that have enabled in creating more efficiencies and better customer engagement.

“We are able to anticipate and serve our customers more intuitively, while engaging our communities to solve their societal challenges. As a result of our razor-sharp focus on our customers, we are now a billion-dollar business in Kenya.” Mr. Ndegwa noted.

On Ethiopia, Safaricom CEO noted, “We have doubled our active customer base to 4.4M, we have built a world class network that is currently almost half the Kenya’s size and are on track to meet our licence obligations. We are hence pleased with commercial momentum in Ethiopia and proud that we have been able to deliver this momentum with a Safaricom Ethiopia team that is 90% Ethiopians.”

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Adil Khawaja, Safaricom Board Chairman, “As a result of this growth, the board will recommend a final dividend of 65 cents per ordinary share bringing the total dividend payable for FY24 to one shilling and twenty cents per share, equivalent to KES.48.08 billion.”

Safaricom has also announced its support towards the floods victims through M-PESA Foundation. The KShs 30 million will be used to support the initial relief efforts that include

vital supplies, food, temporary shelter, medicines, and emergency medical kits in affected areas.

Mr. Khawanja noted that the company would continue to pursue its Purpose of Transforming Lives and engage more with the communities they served.


· Service Revenue 5.2% to KES 295.7 Bn.

· Voice revenue -2.6% to KES 81.1 Bn

· M-PESA revenue 8.8% to KES 117.2 Bn.

· Mobile data revenue +11.4% to KES 54.0 Bn.

· Total customer base 8.1% to 45.9Mn.

· One-month active M-PESA customers 5.2% to 32.1Mn.

· One-month active mobile data customers 7.0% to 26.1Mn

Net Income

1. Safaricom Group excluding Minority Interest -10.6% to KES 62.3 Bn

2. Safaricom Plc Kenya, +3.0% to KES 74.5 Bn

3. Safaricom PLC Operating Free Cash Flow +4.3% to KES 115.7 Bn.

About Safaricom

Safaricom is the leading telecommunication company in East Africa. Our purpose is to transform lives by connecting people to people, people to opportunities and people to information. We keep over 45.9 million customers connected and play a critical role in the society, supporting over one million jobs both directly and indirectly while our total economic value was estimated at KES 393 billion ($ 3.1 billion) for the 12 months through March 2022.

Listed on the Nairobi Securities Exchange and with annual revenues of close to KES 335.4 billion as at March 2024. Safaricom provides connectivity through wide range of technology, 2G, 3G, 4G and 5G in aggregate covering over 99% of Kenya’s population.

We run the world’s largest mobile payment system and Africa’s largest Fintech, M-PESA, the world’s first mobile money transfer system. By empowering over 32.1 million customers to transact, save or borrow money through their mobile phone, M-PESA has driven financial inclusion in Kenya to 83.7% in 2021 of the adult population from a low of 26.7% in 2006 and generated over KES 139.9 Billion in revenue as at FY24.

Our subsidiary, Safaricom Telecommunications Ethiopia, has deployed world class network and services to contribute to Ethiopia’s digital transformation.

Safaricom is an equal opportunity employer, actively recruiting staff from different backgrounds reflecting the communities that we serve. We are committed to equal gender representation at all levels. Our target is to achieve 50:50 senior management gender parity by 2025.

As part of our ongoing commitment to the Sustainable Development Goals (SDGs), we continue to work towards improving energy and resource efficiency in our network and facilities to reduce carbon emissions and our fuel consumption. We remain committed to becoming a Net Zero carbon-emitting company by 2050.

Samuel Musila
Samuel Musila
Passionate Software Developer and Tech content creator From Nairobi, Kenya

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