Safaricom profits decline

By Peter Ochieng

Telecommunications company Safaricom's profits dipped by 22 per cent within the past one year.

The giant company recorded a Sh52.5 billion profit for the financial year ending March 2023.

It signifies a 22 per cent dip from the Sh67.5 billion it recorded recorded last year.

Safaricom Chairperson Adil Khawaja advanced various reasons for the poor posting, among them the 2022 general elections and the ongoing Russia/Ukraine war.

“We are pleased with our performance in FY23 despite the challenging operating environment characterised by geopolitics with the Russia-Ukraine war, 2022 general elections in Kenya, macroeconomic challenges and drought which have constrained the consumers’ wallet,” said Khawaja in a statement.

"Group capital expenditure for the year ended 31 March 2023 stood at Sh96.13 billion with Sh55.77 billion being investment in rolling out operations in Ethiopia," he added.

On his part, Safaricom Chiefs Executive Officer (CEO) said:

“We are committed to continue investing in our network infrastructure, broadening our product range, and leveraging emerging technologies to enhance our participation in the digital ecosystem. We will also continue deepening our sustainable business and social responsibility agenda focused on healthcare, education, economic empowerment, the environment and reducing our carbon footprint."

Safaricom enjoys a nationwide coverage with over 40 million subscribers.