Safaricom braves Covid-19, records $2.4 billion revenue
In a particularly difficult year during which everything came to a standstill, the Covid-19 pandemic failed to stop Kenya’s Safaricom from outshining African and local rivals.
The telecoms operator announced this week that it has recorded KES 250.35 billion (nearly $2.4 billion) in service revenue (earnings before interest and tax), a flat growth in the financial year ending March 2021.
The figure represents a marginal decline of 0.3%, the company said, adding that mobile data business grew by 11.5% year-on-year to KES 44.79 billion (nearly $418.01 million).
Revenue for M-PESA declined slightly by 2.1% year-on-year, reaching KES 82.64 billion (nearly $771 million). Voice dropped by 4.6% to register an amount of KES 82.55 billion ($770 million).
Safaricom CEO Peter Ndegwa said his company remained resilient in a disruptive year, demonstrating strong operational capacity, diligence and commitment in supporting the country, its customers and shareholders through this uncertain time. “Our immediate focus in the year has been to ensure that network capacity, operations and financial services are prioritised to limit disruptions,” he said.
Ndegwa remained optimistic about the future of the company, saying that it was committed to investing in the business and maintaining a consistent dividend payout ratio in line with its dividend policy.