Safaricom makes history as first regional company to surpass billion-dollar earnings


From left: Safaricom Telecommunications Ethiopia CEO Wim Vanhelleputte, Safaricom Chief Executive Peter Ndegwa and Chief Finance Officer Dilip Pal during the firm's 2023/2024 half-year financial results briefing on November 9, 2023, at Michael Joseph Centre.

Photo credit: File | Nation Media Group

Safaricom has posted its first profit rise in three years even as its operating profit saw it become the first company in the region to hit past the billion-dollar mark in earnings.

The net profit for the full year to March rose 1.2 percent to Sh62.99 billion, compared to Sh52.48 billion posted in a similar period last year.

The operating profit surged 20 percent to Sh139.9 billion in earnings before interest and tax.

“We are extremely pleased with what we have been able to achieve as a group despite the significant startup costs in our Ethiopia business. We expect that from 2025, Ethiopia will start being a significant growth contributor at group level for both top and bottom line.”