Safaricom net profit jumps on M-Pesa, data

Safaricom Plc chief executive Peter Ndegwa announcing $747 million net profit for the full year ended March 2020 on April 29. PHOTO | COURTESY

Kenya’s biggest telecom Safaricom net profit for the full year ended March this year jumped 19.54 percent to Ksh74.7 billion ($747m) on strong mobile money service M-Pesa and mobile data revenue growth that offset a decline in voice and messaging (SMS) revenues. 

During period, Safaricom's M-Pesa revenue grew by 12.6 percent to Ksh84.44 billion ($844m) as mobile data revenue increased by 12.1 percent to Ksh40.67 billion ($406m).