Feb 4, 2023

Mawazo Writing Africa

Writing about the main

Safaricom records slight drop in profit to $581m

Safaricom reported a 1.7 percent decline in net profit to Ksh 67.49 billion (US$581 million) in the initial results, which include its operations in Ethiopia.

Net profit The telecom company’s for the full year ending March 2022 is its second straight decline after it posted a 6.8% drop in earnings last year, its first in nine years.

M-Pesa earnings up 38.3% to Ksh 107.7 billion ($927 million), helped by return on debiting transactions under Ksh 1,000 ($8.61) and improved business activity, resulting in a 12.3 percent increase in service revenue to Ksh 281 billion (US$ 2.4 billion).

Safaricom’s board of directors has proposed a final dividend of Ksh 0.75 per share of Ksh 30.04 billion (US$ 258 million ), bringing the total payout for the year to Ksh56 billion (482M million US dollars).

The telecom company had an interim dividend of Ksh0.64 per common share of Ksh25.64 billion ($220 million).