Subscriber growth boosts Safaricom

28 May 2008

Safaricom, Kenya’s largest cellular operator in terms of subscribers, has reported a 29.3% rise in full-year revenues to KES61.4 billion (USD906.5 million). Net profit for the twelve months to the end of March was up 15.3% at KES13.85 billion, while EBITDA rose 14.9% to KES28.16 billion. Safaricom claimed 10.2 million customers at the end of March, a 68% year-on-year increase. The firm’s CEO Michael Joseph told an investor briefing that Safaricom aims to continue its push to grow its subscriber base while also investing in improving network capacity and coverage. The government is busy floating a 25% stake in Safaricom, with shares due to be listed on the Nairobi stock exchange on 9 June. A further 40% interest is held by Vodafone Kenya, which is majority owned by Vodafone of the UK; the remaining 35% stake is still state-owned.

Kenya, Safaricom