Connecting Africa is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 3099067.


Safaricom Reports Profit Rise as CEO Returns

Article Image
Safaricom got a double boost Wednesday as it reported better-than-expected full fiscal year financials for the year that ended in March 2018 and a message from CEO Bob Collymore who is now back running the company following extended medical leave.

The operator reported a 10% year-on-year increase in services revenues to 224.54 billion Kenyan Shillings (US$2.23 billion) and a 14.1% increase in net profit to KS55.3 billion ($549 million).

Revenues from mobile data services grew by 24% to KS36.4 billion ($361 million) while its M-PESA mobile money services increased by 14.2% to KS62.9 billion ($625 million).

That has been helped by Safaricom's ongoing investments in its 4G mobile broadband infrastructure: The operator ended March this year with 1,648 4G basestations, up from 1,103 a year earlier.

Its customer base grew by 5.1% to 29.6 million, while its 30-day active M-PESA customers increased by 8% to 20.5 million.

The operator's share price gained 0.9% to KS28.5 following the publication of the results.

In his first appearance since he went on medical leave in October 2017, CEO Bob Collymore, in a recorded video message from London, noted that Safaricom's "investments and strategies" have enabled greater monetization and improving cost management.

Returning Safaricom CEO Bob Collymore (picture taken last year).
Returning Safaricom CEO Bob Collymore (picture taken last year).

He said that Safaricom is planning further initiatives related to M-PESA, e-commerce and enterprise and home services, including some based on Internet of Things (IoT) capabilities. In addition, the operator continues to look for opportunities to take M-PESA into other markets.

Collymore added that he would be returning to Nairobi to run the company soon.

Safaricom is still the clear number one player in Kenya but is under ongoing pressure from rivals and regulators. (See Is Safaricom's Dominance in Kenya Under Threat? and Price Controls Would Harm Kenya Telecom Market, Says Think Tank.)

— Ray Le Maistre, Editor-in-Chief, Light Reading for Connecting Africa.

Innovation hub


Connecting Africa Podcast: S2 Ep. 4 – Agri-fintech, from kibbutz to Kenya

The Connecting Africa Podcast team speak to Israeli-Kenyan startup Avenews' co-founder and CEO, Shalom Ben-Or, about his fintech super-app that has been built specifically for Africa's agriculture industry.


Hot startup of the month: Cloud-native developer Deimos

This month's hot startup is pan-African cloud technology and professional services company Deimos which is on a mission to be the leading cloud-native technology company in Africa.

More Innovation hub

Flash poll

All polls

Partner perspectives

All Partner Perspectives

Africa Tech Perspectives


Women in Tech: Spotlight on inclusivity with Digital Council Africa's Juanita Clark

Digital Council Africa founder and CEO, Juanita Clark, talks to Connecting Africa as part of our Women's Month series about her career and what needs to be done to make the tech industry intentionally inclusive.


Women in Tech: Spotlight on legal tech with Life.file's Sinal Govender

Life.file co-founder, Sinal Govender, talks to Connecting Africa as part of our Women's Month series about her career and how we can encourage more young girls to enter the legal tech field.


Digital inclusion as a catalyst for economic empowerment: Mastercard's Imelda Ngunzu

Mastercard's Imelda Ngunzu talks to Connecting Africa about how digital payment solutions and mobile money are transforming the lives of small business owners, women and marginalized groups in East Africa.

More AfricaCom perspectives

Latest video

More videos

Industry announcements

More Industry announcements

Guest Perspectives


Omdia View: July 2022

By Omdia Analysts

Kenya and Zambia move towards 5G with new spectrum allocations while Tunisie Telecom plans to shut down its 3G network - that and more in this month's Omdia View.


Omdia View: June 2022

By Omdia Analysts

5G was the major news trend across Africa in June, as Orange became the first operator to launch 5G in Réunion and operators in Senegal accelerated their 5G plans despite spectrum delays.

More Guest Perspectives

Sponsored video

More videos

Like us on Facebook

Newsletter Sign Up

Sign Up