Safaricom’s net earnings for the year ending March 31, 2024, declined by 18 percent to Sh42.6 billion, compared to Sh52.4 billion reported in the previous year.
The company attributed this drop to the challenging operating environment during the year, which was marked by forex volatilities leading to the shilling depreciating against major international currencies.
Safaricom’s gross earnings also decreased to Sh84 billion from Sh88 billion in the previous year.
M-Pesa emerged as the largest contributor to the company’s service revenue, officially surpassing the 40 percent mark. The mobile money segment of the listed telco recorded total earnings of Sh139.9 billion, representing 42 percent of Safaricom’s total service revenue. This marks a significant increase from 19.36 percent in the previous year.
