Bob Collymore

Safaricom hits record sh55 billion net income

Telecommunication service provider Safaricom (SCOM) has announced a 14.1 per cent growth in net income to hit sh55.23 billion in the year that ended 31st March 2018.

Mobile money platform M-Pesa ,revenue grew 14.2 per cent to sh62.9 billion while mobile data was up 24 per cent to sh36.4 billion in the period.

The company says mobile money transfer service M-Pesa, is now contributing up to 28.0 per cent of Safaricom’s service revenue. Up from 20.9 per cent in 2015, highlighting its central position as a key growth driver alongside mobile data, and displacing traditional voice and SMS.

“To achieve these results we sharpened our focus on putting our customer’s 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.

The company has also announced it would spend between Ksh35 billion – sh38 billion in infrastructure expansions.

According to Sateesh Kamath the Finance Director, Safaricom will be looking to drive long term shareholder value by deploying next-generation network services and leverage on data analytics and segmentation.

The company’s Chief executive Officer, Bob Collymore, who has been on medical leave since October 2017 is also expected to return soon. Speaking from London, he said he will return once his doctors say his immunity is strong enough to enable him travel.

Speaking during the company’s Full Year investor briefing, Mr. Collymore, noted that he was making good progress in his treatment and is looking forward to be back in action soon.

The post Safaricom hits record sh55 billion net income appeared first on Dhahabu.

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