Safaricom half-year profit hits Sh26bn

Safaricom has posted an increase in its half year net income to Ksh 26.2 billion compared to Ksh 23.93 billion previously. The growth excludes a one off adjustment and its tax impact.

Apart from the adjustment, the firm’s net income went up by 9.5%. Mobile data was the largest contributor growing by 31% to Ksh 17.55 billion compared Ksh 13.4 billion in the previous year.

M-PESA revenue grew by 16.2% to Ksh 30 billion while SMSs hit Ksh 8.92 billion. Total revenue hit Ksh 102.1 billion.

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During the release of the results,  Safaricom Chairman Nicholas Ng’ang’a said the company will continue to perform strongly despite Chief Executive Bob Collymore being on sick leave for specialised treatment for a number of months.

Ng’ang’a says Collymore’s style of management is very strong as he has empowered managers to adequately work well. “We would like to respect the confidentiality between both Bob Collymore and his doctors and cannot speculate on his illness,” he said.

Chief Financial Officer Sateesh Kamath took over a primary role from Collymore.

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