Safaricom, the leading telecommunications company in East Africa, has announced its half-year performance for the financial year 2023/24, depicting results in both Ethiopia and Kenya.
In Ethiopia, Safaricom launched its services in August 2023, after being awarded a license to operate in the country. The company has achieved remarkable traction in one month, with 7 million gross additions, 4.1 million active customers, and 1.2 million M-PESA transactions. Safaricom has also invested in building a robust distribution network, with 53,000 airtime outlets, 22,700 M-PESA agents, and 11,700 M-PESA merchants. The company has also partnered with 15 banks to offer digital airtime sales and M-PESA services. Safaricom has also focused on delivering a superior customer experience, with a fast and reliable network, a seamless registration process, and a variety of use cases for M-PESA, such as bill payments, merchant payments, and international money remittance.
In Kenya, Safaricom recorded a 8.5% year-on-year growth in service revenue, reaching KShs 157.2 billion. The company attributed this growth to the recovery of the economy from the COVID-19 pandemic, the resilience of its core voice and data businesses, and the strong performance of its M-PESA platform. Safaricom also increased its earnings before interest and tax (EBIT) by 14.9% year-on-year, reaching KShs 67.1 billion. The company’s net income, excluding minority interest, grew by 10.9% year-on-year, reaching KShs 41.6 billion.
Safaricom’s CEO, Peter Ndegwa, expressed his satisfaction with the results, saying that they reflect the company’s solid momentum and strategic focus. He also said that the company is committed to delivering on its purpose of transforming lives by providing innovative and affordable solutions to its customers. He added that the company is optimistic about the future prospects of both the Ethiopian and Kenyan markets, and will continue to invest in enhancing its network quality, expanding its distribution channels, and developing new products and services.
