Safaricom announces a 14.7% increase in net profit

Bob Collymore passed away on Monday morning
Bob Collymore passed away on Monday morning

Telecommunications company Safaricom has announced an increase in net profit for the year ended March of 14.7% to Kshs 63.4 billion. Presenting the financial results on Friday, Safaricom CEO Bob Collymore said they are pleased with the strong results delivered and that they foresee continued growth in the future.

The Company’s customers increased to 31.8 million, while the 30-day active mobile data customers increased by 6.6% to 18.8 million, the 30-day active M-Pesa customers increased by 10.2% to 22.6 million. M-Pesa revenue grew by 19.2% to Kshs 74.99 billion, fixed service revenue increased by 22.7% to Kshs 8.19 billion, while voice service revenue grew by 0.3% to Kshs 95.94 billion.

Mobile data revenue increased by 6.4% to Kshs 38.69 billion, while messaging revenue decreased by 1.3% to Kshs 17.50 billion. Collymore further highlighted the company’s readiness for fair competition, while indicating that they’ll increase their investment into improving their 4G network coverage. Furthermore, since the company introduced the new service Fuliza in January to help customers to complete transactions and purchases, Kshs 45 billion has been borrowed.