Safaricom posts FY profit
Kenyan telecoms giant Safaricom has posted a full year profit for the year ended March.

The company said after-tax profits rose 39 percent to Sh17.5 billion off the back of increased revenue flows from voice, M-Pesa and data services.

Its pre-tax profit was up 47 percent to Sh25.5 billion.

Overall revenue increased by 16 percent to hit Sh124.3 billion.

Safaricom chief executive Bob Collymore said a better economic environment that saw the company reduce costs and increase efficiency was behind the good performance.

"We are happy to have recorded positive growth in all our business," Mr Collymore said.

"The full year results demonstrate our continued strong commercial and financial performance across our service portfolio. These solid results reaffirm our strategy to transform lives through the provision of quality services, delivering the best network in Kenya through our continued investment in technology and deepening financial inclusion, with services such as M-Shwari on the M-Pesa platform.

"Voice remains a major revenue generator and recorded impressive growth of 13 percent and contributed 66 percent to service revenues."

Safaricom is Kenya's largest telecommunications firm with a market share of 77.5 percent based on voice traffic.

M-Pesa offers clients the facility of financial transfers and withdrawals via mobile phone operations.

Image: © Getty

Copyright is owned by Africa Outlook and/or Outlook Publishing. All rights reserved.