This archive report was first published on 1 November 2019.
Safaricom's Net Profit Surges 14.4% in First Half of 2019 ¶
Published on November 1, 2019, Safaricom's interim CEO Michael Joseph announced a 14.4% increase in net profit for the first half of the year.
The company's net profit stood at KSh 35.7 billion, attributed to M-Pesa and fixed data. This growth was driven by a reduction in data and call rates, which led to a 37% decrease in the rate per MB, a 19% decrease in the rate per SMS, and a 7% decrease in the rate per minute.
Joseph noted that customer growth remained strong during the period under review, with the company's business model evolving from a traditional telco to a more diversified service provider.
The company's revenue profit for the year was driven by M-Pesa, which grew by KSh 6.5 billion, or 18.2% year over year. Safaricom's guidance for financial year 2020 remains at KSh. 93-97 billion in earnings before interest and tax and KSh. 36-39 billion in capital expenditure.
The October 2019 briefing was the first done after the death of the late Bob Collymore on July 1.
