Safaricom records Ksh74.7B net profits for the year ending March 2020

Safaricom has posted 74.7 billion net profits for the year ending March 2020. Recording a 19.54 per cent growth on mobile data and M-Pesa.

Safaricom’s M-Pesa revenues grew by 12.6 per cent, while mobile data revenues increased by 12.1 per cent. While voice service revenue declined by 1.4 per cent to 94.45 billion. Messaging revenues, on the other hand, declined by 12.3 per cent to 17.9 billion.

Safaricom’s CEO Peter Ndegwa said the company was betting on M-Pesa, data business, and entry into markets such as Ethiopia, as well as innovations to shape the firm’s future profitability.

“Safaricom has always been the pioneer in many ground-breaking innovations, and I am committed to continuing this path with a focus to tap into the vast opportunity in the agriculture, health, education, and public sectors. Leveraging the power of partnerships and the digital platforms we operate.  I aim to drive affordable and innovative products in mobile communication, financial services. And enterprise solutions while maintaining leadership in the best network quality,” he added.

“The results reflect the commitment this customer-centricity approach, with steady growth in service revenue while mobile data is now back to double-digit growth,” said former Chief Executive Officer Michael Joseph.

“I am proud of what the Safaricom team has been able to deliver despite such a tough business year. We have stayed the course, given customers more value, and put the consumer first by delivering relevant products and services.”

Safaricom, however, says it will focus on growing more uses for its mobile money services.

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