Safaricom records slight drop in profit to $581m

Thursday May 12 2022
Safaricom Chief Executive Officer Peter Ndegwa.

Safaricom Chief Executive Officer Peter Ndegwa. FILE PHOTO | NMG


Safaricom has posted a 1.7 percent drop in net profit to Ksh67.49 billion ($581 million) in the first results that include its Ethiopian operations.

The telco’s net profit for the full year ended March 2022 is the second drop in a row after it posted a 6.8 percent profit drop last year, which was the first in nine years.

M-Pesa revenue jumped by 38.3 percent to Ksh107.7 billion ($927 million) supported by the return to charging of transactions below Ksh1,000 ($8.61) and improved business activity contributing to a 12.3 percent jump in service revenue to Ksh281 billion ($2.4 billion).

Safaricom board has recommended a final dividend of Ksh0.75 per share amounting to Ksh30.04 billion ($258 million), bringing the total payout for the year to Ksh56 billion ($482 million).

The telco had paid an interim dividend of Ksh0.64 per ordinary share amounting to Ksh25.64 billion ($220 million).