Safaricom half-year profit hits 26 billion buoyed by M-Pesa earnings

Kenya’s leading telco Safaricom has announced a tax profit of Kshs 26.2 billion, a 9.5 percentage increase for the 6 months ended September 30, 2017.

The announcement comes days after CEO Bob Collymore took a sick leave for an unspecified period of time. His position has been taken temporarily by Sateesh Kamath, Safaricom’s chief financial officer.

Mr. Collymore went for specialized treatment abroad following an advice by his doctors.

Mr. Kamath said that the strong performance was buoyed by mobile money M-Pesa and data services. Traditional services like voice posted no growth.

For the six months period, M-Pesa revenue grew to hit Kshs 30.5 billion, a 16.2 percentage increment. Data income rose to Kshs 17.55 billion from KShs 13.4 billion while voice grew by Kshs 2 billion to hit 47.35 billion, making it the biggest income earner service for the firm.

M-Pesa revenues grew by 16.2 percent to Sh30.05 billion in the period while data income rose from Sh13.4 billion to Sh17.55 billion. Voice revenue, which is still Safaricom’s biggest income stream, grew from Sh45.7 billion to Sh47.35 billion.