Market News

Safaricom’s Net Profits Hit 77 Billion Shillings

BY Juma · May 12, 2022 08:05 am

KEY POINTS

During the year, 29.5 trillion shillings were transacted in M-Pesa on Safaricom the entire year earning Safaricom 107.7 billion shillings.

KEY TAKEAWAYS

Safaricom saw its M-Pesa revenue cross the 100 billion shillings mark for the first time in its history. The company recorded 107.7 billion shillings in revenue for the 2022/21 financial year, up from 82.6 billion shillings last year.

Kenya’s giant telecom, Safaricom, has registered yet other “crazy” results for the full year with net profits coming in at 77 billion shillings. According to Safaricom, the net profit (excluding Ethiopia) rebounded to pre-Covid-19 levels, up 12.2 percent year on year.

At the same time, the net profit (including Ethiopia) was up a marginal 1.1 percent to 69.45 billion shillings. The company is still setting base in Ethiopia with profits yet to be realized. Mostly, the company encountered “operational costs.”

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During the year, Safaricom saw its M-Pesa revenue cross the 100 billion shillings mark for the first time in its history. The company recorded 107.7 billion shillings in revenue for the 2022/21 financial year, up from 82.6 billion shillings last year.

Mobile money revenue now accounts for 38.3 percent of Safaricom’s service revenue. During the year, 29.5 trillion shillings were transacted in M-Pesa on Safaricom the entire year earning Safaricom 107.7 billion shillings. The fastest-growing services were Lipa Na M-Pesa and Business Payments.

“With the M-PESA business app, over 150,000 businesses now can get better visibility of their business operations by viewing their collections and payments, accessing statements & transacting directly from the business till among other services,” said Peter Ndegwa, the CEO of Safaricom.

At the same time, Safaricom has 11 million 4G devices across its network with customers on average using 2.3 GB per month. 12.5 million customers use more than 100 MBs per month while 7.7 million use more than 1GB of data per month.

About Juma

Juma is an enthusiastic journalist who believes that journalism has power to change the world either negatively or positively depending on how one uses it.(020) 528 0222 or Email: info@sokodirectory.com