Safaricom has announced its 2024/2025 half-year revenue figures showing a strong first 6 months of the year ending September 30th 2024. From the figures shared, its mobile connectivity business, comprising of voice, data and SMS, contributed 52.2% of revenue at Ksh 93.9 billion, while M-PESA contributed 42.9%, at Ksh 77.2 billion.
The strong performance was driven by double digit growth in the Kenyan unit, where service revenue grew by 12.9% to Ksh 177.5 billion, resulting in EBIT and Net income growing by 18.0% to Ksh 79.2 billion, and 14.1% to Ksh 47.5 billion respectively.
During this period, Safaricom’s group service revenue grew by 13.1% to Ksh 179.9 billion. while group Earnings Before Interest and Taxes (EBIT) grew by 1.8% to Ksh 42.2 billion. Net income excluding minority interest on underlying basis grew 27.1% to Ksh 36.7 billion.
‘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. We are proud of the value that we have given our customers through use of technology, and we will continue growing our core business while expanding into new services through our innovative spirit,’ said Dr. Peter Ndegwa, CEO Safaricom PLC.
Adil Khawaja, Safaricom’s Board Chairman said, ‘The Board is pleased with the great performance recorded in the period under review. We remain focused on our vision of becoming Africa’s leading purpose-led technology company as we advance our propositions in both Ethiopia and Kenya.’
Safaricom Ethiopia
In Ethiopia, where Safaricom now has a network covering 46% of the population, the customer base grew by 47.3% to hit 6.1 million monthly active customers, while data usage excelled, closing at 6.6GB per average user compared to Kenya’s 4.1GB.
To mitigate against the short-term impact of the ongoing foreign exchange regime reforms, Safaricom Ethiopia has taken several steps including renegotiating foreign currency denominated contracts, onboarding local suppliers for certain products and services and reducing the expatriate’s base.
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