Safaricom’s net profit up by 12 per cent to Sh77 billion

Safaricom’s net profit up by 12 per cent to Sh77 billion

BY JOAN WANJIKU,NAIROBI, 12TH MAY,2022-Safaricom saw its net profit (excluding Ethiopia) rebound to pre-Covid-19 levels, growing by 12.2 per cent to Sh77 billion in the year ended December 2021.

The telco’s net earnings, including Ethiopia, dropped by 1.7 per cent to Sh67.49 billion. It intends to launch commercial operations in the landlocked country this financial year.

Mobile money platform M-Pesa continued to be the firm’s cash cow earning Sh107.7 billion during the year from Sh82.6 billion in the previous year, crossing the Sh100 billion mark for the first time.

The platform handled transactions worth Sh29.5trillion during the year and contributed 38.3 per cent of the telco’s service revenue.

Generally, Safaricom made Sh281 billion in revenue in the year from Sh250.4 billion recorded in 2020.

This was mainly driven by growth in M-Pesa, mobile data, and fixed revenue.

“We are proud of our strong performance that reflects our focus on solving customer issues and societal challenges,” said Safaricom CEO Peter Ndegwa.

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