Safaricom net profit has dropped by Sh15 billion in the full year ending March 31, 2023.
With the current economic state, the telco company has registered Sh52.5 billion profit, which is a drop from Sh67.5 billion from the same period last year.
The inflation cost Safaricom a 2.6% drop in revenue collection, from Sh81.1 billion recorded last year.
“We have delivered a solid set of results despite the tough operating environment occasioned by slowdown in business activity in an election year in Kenya, tough macro environment as well as change in mobile termination rates which impacted our voice revenues significantly,” Safaricom CEO Peter Ndegwa said.
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Whereas M-Pesa revenue grew 8.8 percent to Sh117.2 billion, mobile data went up to Sh54 billion, representing a 11.4 percent rise.
“The business is stable and regained a strong positive momentum in the second half of the year,” Ndegwa added.
“Looking into the future, we passionately believe that our business is well-positioned to support our customers and provide technology solutions as we transition into a purpose-led technology organization in line with our 5 YR strategy.”
