Safaricom reports Sh55.29 billion profit as Bob returns
Published Wed, May 9th 2018 at 10:47, Updated May 9th 2018 at 11:32 GMT +3
Safaricom has reported an annual profit of Sh55.29 billion in the year ending March 2018 as CEO Bob Collymore ends his medical leave.
Safaricom boss Bob Collymore who announced his return to the helm of the organization at the same time announced a 19.9 percent increase in net income.
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Speaking during the company’s Full Year investor briefing, Collymore, who has been away 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 14.1 percent to Sh55.29 billion for the year ending March 2018. Both M-Pesa and data grew in double digits.
During the last financial year M-Pesa registered 2.1 million new customers and achieved revenue growth of 14.2 percent to KSh62.91 billion.
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M-PESA now contributes 28 percent of Safaricom’s service revenue from 20.9 percent in 2015, thus making it 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 increased by 24percent to Sh36.36 billion.
In a recorded video briefing Bob Collymore said he was recovering well in London and would be back in Nairobi as soon as his doctors give him assurance that his immune system can withstand infections associated air travels.
For the next financial year, the company has announced that it spend betweenSh35 billion to Sh38 billion in infrastructure expansion.