Editor's Review

Safaricom now becomes the first company in the region to hit past the billion-dollar mark. 

Safaricom PLC on Thursday, May 9, announced a Sh139.9 Billion in its earnings before interest and tax in the period ending March 31 st 2024.  

The announcement was made by Safaricom CEO Peter Ndegwa while releasing Safaricom PLC's Full Year 2023/2024 Financial Results.  

At a group level, incorporating the startup costs and investments in Safaricom Ethiopia, the group closed at an EBIT of Ksh.94.9 billion, a 3.5% growth year on year.

According to Mr. Ndegwa, the performance was driven by customer segmentation, public sector digitisation, investments in new technologies, and better use of data and analytics to understand and serve customers better.

Performance of the Kenyan market. 

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“We are extremely pleased with what we have been able to achieve as a group despite the significant startup costs in our Ethiopia business. We expect that from 2025, Ethiopia will start being a significant growth contributor at group level for both top and bottom line," remarked Ndegwa. 

In the period under review, Safaricom PLC Group revenue grew by 13.4% to KSh335.3 billion, with Mpesa contributing 42.4% of revenue at KSh140 billion and GSM business contributing 52.7% at Ksh173.9 Billion.

The net income increased by 13.7% to KSh84.74 billion for Safaricom Kenya. 

On Ethiopia, Safaricom said, “We have doubled our active customer base to 4.4M, we have built a world-class network that is currently almost half Kenya’s size and is on track to meet our license obligations."