Kenya’s leading telecommunications provider, Safaricom, announced positive financial results for the year ending March 2024. The company’s earnings before interest and tax (EBIT), excluding its operations in Ethiopia, reached a significant figure of 139.9 billion Kenyan shillings (approximately $1.07 billion).
This news highlights Safaricom’s continued success within its core Kenyan market. The company is a dominant player in the Kenyan telecommunications industry, offering mobile phone services, internet access, and the popular M-Pesa mobile money platform.
The report specifically excludes earnings from Safaricom’s recent expansion into Ethiopia. Safaricom is a major investor in a consortium that was awarded Ethiopia’s second telecommunications license. While this expansion holds promise for future growth, it’s currently a separate venture from Safaricom’s established Kenyan operations.
Overall, Safaricom’s strong financial performance demonstrates the company’s robust position within the Kenyan market. This success is likely due to a combination of factors, including a large and loyal customer base, a diversified range of services, and continued innovation within the telecommunications and mobile money sectors.
Here’s a breakdown for easier understanding:
Safaricom: Kenya’s largest telecommunications company.
Earnings: The company’s profit before considering interest on loans or taxes.
Excluding Ethiopia: This year’s earnings only reflect Safaricom’s performance in Kenya, not its new Ethiopian venture.
M-Pesa: A popular mobile money platform offered by Safaricom in Kenya.
This positive financial report suggests that Safaricom is well-positioned for continued growth in Kenya, while its expansion into Ethiopia presents exciting opportunities for the future.