Safaricom Posts a Record Sh63.4 Billion Profit Buoyed by Mpesa Earnings

Kenya's giant telecommunications company Safaricom has announced a record profit of Sh63.4 billion in the financial year ending March 31st, 2019.

This represents a 14.7 percent increase from the Sh45.1 billion recorded the previous year.

The mobile service provider's total revenue also jumped seven percent to Sh240.3 billion during the period under review.

The company's CEO Bob Collymore has attributed the performance to strong growth in Mpesa revenue, which grew by 19.2 percent to Sh74.9 billion.

"We are pleased with strong results we have delivered for this year," Collymore says.

Revenue from mobile data also grew by 6.4 percent to Sh38.7 billion, while earnings from fixed services increased by 22.7 percent to Sh8.9 billion.

Voice services revenue grew slightly by 0.3 percent to Sh95.9 billion.

On the other hand, earnings from text messaging services declined by 1.3 percent to Sh17.5 billion.