NAIROBI, Kenya – Safaricom Plc’s half-year net profit surged 52.1 per cent to Sh42.8 billion, buoyed by strong performance in its Kenyan operations and reduced losses from its Ethiopian business.
The Nairobi Securities Exchange-listed telco reported a service revenue of Sh200 billion for the six months to September, up from Sh183 billion a year earlier.
The Kenyan market contributed Sh194 billion, reflecting a 9.3 per cent jump, while the Ethiopian unit’s revenue rose sharply by 136 per cent to Sh6.2 billion.
Safaricom’s Kenyan subsidiary posted a 22.6 per cent rise in net profit to Sh52.8 billion.
The company’s Ethiopian arm, which has been steadily expanding its network and mobile money operations, reported Sh15.5 billion in earnings — a 20.1 per cent increase.
The results mark a major turnaround for Safaricom Ethiopia, which has been reducing losses since its commercial launch in October 2022 amid heavy infrastructure investments.
Analysts say the growth underscores Safaricom’s success in diversifying beyond its home market and the early promise of its regional expansion strategy.
More details to follow…
