Bob Collymore
Finance
Kenya
Sateesh Kamath

Collymore announces his return as Safaricom posts Sh55.29b profit

Nairobi, Kenya, May 9 –  Safaricom CEO Bob Collymore has announced his return to the helm of the organization as the company announced a 19.9 percent increase in net income.

Speaking during the company’s Full Year investor briefing, Mr. Collymore, who has been on medical leave since October last year, noted that he was making good progress in his treatment.

“I look forward to being back in action in Nairobi soon,” Collymore said as he announced a 10 percent growth in revenue to Sh224.54 billion.

Safaricom reported net income growth of 14.1pc to Sh55.29 billion for the year ending 31st March 2018.

“To achieve these results we sharpened our focus on putting our customers first, delivering relevant products and services, and organizational effectiveness; a strategy that was exceptionally well executed considering the challenging business climate last year,” said Mr. Collymore.

For the year to 31st March 2019, the company announced it would spend between Sh35 billion  – Sh38 billion in infrastructure expansion.

“In FY 2019 we look to drive long-term shareholder value by deploying next-generation network services, leveraging data analytics and segmentation, guided by our purpose of transforming lives to turn innovative ideas into realities,” said Sateesh Kamath, Finance Director – Safaricom. The company maintained a steady momentum in mobile money business, adding 2.1 million new M-PESA customers and achieving revenue growth of 14.2pc YoY to Sh62.91 billion.

M-PESA now contributes 28pc of Safaricom’s service revenue from 20.9pc in FY 2015, highlighting its central position as a key growth driver alongside mobile data, and displacing traditional voice and SMS.

The sustained demand for data remains a key growth driver for the company, with mobile data revenue increasing by 24pc to Sh36.36 billion.

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