Safaricom PLC CEO Peter Ndegwa on Thursday, May 9 announced that the company got Ksh139.9 billion in earnings before interest and tax in the period ending March 31, 2024.
This makes Safaricom the first company in the region to hit past the billion-dollar mark. In the period under review, Safaricom PLC Group revenue grew by 13.4 per cent to Ksh 335.3 billion, with M-PESA contributing 42.4 per cent of revenue at Ksh140 billion and GSM business contributing 52.7 per cent at Ksh173.9 billion.
"We are extremely pleased with what we have been able to achieve as a group despite the significant significant startup costs in our Ethiopia business. We expect that from 2025, Ethiopia will start being a significant growth contributor at group level for both top and bottom line," Ndegwa added.
Some of the areas of Safaricom including Ethiopia that led to the high earnings include Service Revenue brought in Ksh295.7 billion, voice revenue of Ksh81.1 billion, M-PESA revenue with Ksh117.2 billion, mobile data revenue with Ksh54 billion, total customer base with Ksh45.9 million, 1-month active M-PESA customers at Ksh32.1 million and 1-month active mobile data customers that earned Ksh26.1 million.