Safaricom beats expectations as profit soars 20% to Sh 55Bn
Safaricom, Kenya’s largest listed company beat analyst expectations with a 19.9% jump in its full year 2018 net income to a record Sh 55.3 Billion.
The telco’s service revenue for the period grew 10% to Sh 224.54 billion, mainly driven by Mobile data revenue, Fixed service revenue and M-Pesa. Total revenue for the period grew by 9.8% to Sh 234 Billion.
The company maintained a steady momentum in mobile money business, adding 2.1 million new M-PESA customers and achieving revenue growth of 14.2% to Sh 62.91 billion. M-PESA now contributes 28% of Safaricom’s service revenue from 20.9% in FY 2015.
The telco’s mobile data revenue increased by 24% to Sh 36.36 billion.
Safaricom’s board proposed a dividend payment of 1.10 per share, an increase of 13% compared to the previous year, this amounts to Sh 44.1 Billion.
Speaking from London 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.