Safaricom’s profit after taxation hit a staggering Kes 31.5 billion

Telecommunications giant Safaricom has recorded a profit after tax of Kes 31.50 billion in the period between September 2017 and September 2018.

Safaricom earned a whopping Kes 35.52 billion from M-Pesa, an 18.2% increase from Kes 30.05 billion which was recorded a year earlier.

Voice service (incoming and outgoing) revenue grew by 1.4% to Kes 48.03 billion. Mobile data revenue increased by 10.8% to Kes 19.45 billion.

Messaging revenue declined by 1.2% to Kes 8.81 billion which fixed service revenue increased by 21.0% to Kes 3.91 billion.

Safaricom also recorded an increase in its customer numbers by 1.5% to 29.94 million. The telco recorded an overall Service revenue growth of 7.7% to Kes 118.21 billion.

Solid results

Speaking of Safaricom’s results, CEO Bob Collymore said that the telecommunication giant was pleased with the solid results was looking forward to diversification of its revenue mix to tap into new growth areas

“I’m pleased with the progress we made on a number of fronts in the first half of the year. We achieved solid results driven by strong M-PESA gains, further diversification of our revenue mix to tap into new growth areas and investment in new revenue streams, which contributed to a double digit increase in Earnings Per Share (EPS), and free cash flow,” said Collymore in part.

Adding that:

“Safaricom hopes to endear itself to Kenyans as an enabler, a brand that allows customers to communicate, socialize and do business in line with our strategy of putting the customer first and delivering relevant products and services. ”