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Friday, November 1, 2019 - Safaricom has announced a Sh35.7 billion net profit for the first half of the year to September 30, 2019, representing a 14.4 per cent growth.

Acting CEO, Michael Joseph, attributed the growth to M-Pesa and fixed data.

Mr. Joseph revealed that M-Pesa has been on a steady climb with a 12.4% growth in customer numbers and 11.4% growth in usage.

“We have achieved solid results despite challenges in the economy, driven mainly by strong M-PESA performance.”

“We are fully committed to putting the customer at the heart of Safaricom, regaining customer trust and growing our market share,” said Joseph.

“M-PESA now accounts for 33.8% of service revenue.”

“Revenue growth for the year was driven by M-PESA, growing by Ksh.6.5 billion, or 18.2% year over year,” he added.

The number of overall customers increased to 34.57 million during the period under review with M-PESA one month active customers increasing to 23.61 million and mobile data customers increasing to 20.19 million customers.

The Telecom that now controls 63.5% of the market according to data from the Communications Authority, remitted Sh 58.85 billion in duties, taxes and license fees for the six months taking the total duties, taxes and fees paid since inception to Ksh757.36 billion.

The Friday briefing was the first one without the late Bob Collymore in the last thirteen years.

Mr. Collymore succumbed to cancer in July and Joseph, who served as Safaricom’s first Chief Executive from 1999 to November 2010 when he was succeeded by Collymore was appointed acting CEO.

Safaricom Board Chairman, Nicholas Ng’ang’a, revealed that Mr. Joseph had agreed to stay on as CEO for the reminder of Financial Year to March 31, 2020 when Peter Ndegwa will take over.

The Kenyan DAILY POST
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