May 16, 2022

Safaricom half-year profit rise to Sh37 billion

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The leading telecommunication company Safaricom has announced a Sh 37 billion profit rise.

This comes after the end of the free M-Pesa transaction announced by the government.

“Growth in service revenue was mainly attributed to M-Pesa revenues as well as mobile data, voice and fixed business,” said Safaricom chief financial officer Dilip Pal at an investor briefing Wednesday.

The half-year net profit covers six months from April to September 2021.

Pal said that there was also a voice and messaging revenue increase in the period that coincided with the lifting of Covid-19 restrictions.

M-Pesa revenue jumped by 45.8 per cent or Sh16.4 billion, to Sh52.3 supported by the return to charging of transactions below Sh1,000 in January and improved business activity contributing to a 16.9 per cent jump in service revenue to Sh138.4 billion.

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