NAIROBI, Kenya- Safaricom PLC has reported a 35.9 per cent rise in half-year net income excluding minority interest to Sh58.2 billion, as strong M-Pesa growth and a sharp improvement in its Ethiopia business lifted group performance.
The telecommunications firm’s service revenue grew 13.1 per cent to Sh226.1 billion for the six months ended September 30, 2026. Group earnings before interest, tax, depreciation and amortisation rose 27.5 per cent to Sh129.2 billion, while operating profit increased 39.8 per cent to Sh91.1 billion.
Total group revenue climbed 14.2 per cent to Sh233.7 billion from Sh204.7 billion in the corresponding period last year.
M-Pesa crossed the Sh100 billion half-year revenue mark for the first time, generating Sh100.1 billion, a 13.6 per cent increase.
The mobile money platform accounted for 46.3 per cent of Safaricom Kenya’s service revenue, underlining its growing role as the company’s biggest earnings driver.
Safaricom Kenya recorded net income of Sh66.3 billion, up 13.8 per cent, while service revenue rose 11.3 per cent to Sh216 billion.
The company attributed the growth to continued momentum in M-Pesa, connectivity and fixed services.
Group Chief Executive Officer Peter Ndegwa said Safaricom was building on growth in its core businesses while investing in new technology-driven opportunities.
“In Kenya, we sustained momentum in connectivity and M-Pesa, while building new growth opportunities and leveraging AI to enhance customer experience and drive greater efficiency,” Ndegwa said.
The Ethiopia operation continued to narrow its losses as customer growth, increased usage and tighter cost management strengthened its contribution to the group.
Service revenue in Ethiopia rose 71.6 per cent to Sh10.6 billion, while its net loss narrowed by 43.2 per cent to Sh8.8 billion.
Its EBITDA loss fell 96.5 per cent to Sh400 million, while the operating loss narrowed 53.4 per cent to Sh11.4 billion.
The improving Ethiopia performance helped boost Safaricom Group’s overall profitability during the period.
Board Chairman Adil Khawaja said the group had remained resilient despite pressure on household incomes, intensified competition and continuing economic and regulatory reforms in its two markets.
He said Safaricom would continue expanding access to connectivity, financial services and technology solutions through partnerships with governments, regulators, communities and the private sector.
The results strengthen Safaricom’s push towards its Vision 2030 ambition of becoming Africa’s leading purpose-led technology company.
