Nairobi, Kenya – Safaricom PLC, Kenya’s largest telecommunications company, reported a strong 21.7% growth in net earnings for the first half of the year, with Group service revenue reaching a record high of Sh181.4 billion—up 14% compared to the previous year. The company, listed on the Nairobi Securities Exchange (NSE), posted a comprehensive net profit of Sh36.7 billion for the six-month period.
The growth was largely driven by a strong performance in Safaricom’s Kenyan unit, which recorded a 14.1% rise in net profit to Sh47.5 billion. Service revenue in Kenya grew by 12.9% to Sh177 billion, resulting in a 18% increase in earnings before interest and tax (EBIT) to Sh79.2 billion.
Safaricom’s earnings could have been even higher if not for the currency devaluation in Ethiopia, which led to a 17.7% drop in net earnings to Sh28.1 billion for its Ethiopian operations. This decline followed a 30% fall in the Ethiopian birr against the US dollar, as the Ethiopian government loosened currency controls to attract a $10.7 billion loan from the International Monetary Fund (IMF) and World Bank.
Safaricom CEO Peter Ndegwa attributed the robust results to the company’s strategic focus and dedication to providing value to customers. “This performance, which comes at a time when we are marking 24 years of connecting and transforming Kenyans’ lives, reflects the relentless execution of our strategy,” Ndegwa stated. “We are proud of the value that we have given our customers through the use of technology, and we will continue growing our core business while expanding into new services through our innovative spirit.”
Safaricom’s half-year results highlight the company’s resilience and growth momentum, even as it navigates external economic challenges in its regional markets.
