Safaricom sees 6.7% rise in net profit

4 Nov 2009

Kenya’s leading mobile operator by subscribers Safaricom has reported net profit of KES6.63 billion (USD84.15 million) for the six months ended 30 September 2009, up 6.7% from KES6.21 billion in the same period a year earlier. Consolidated revenues for the period climbed by 17.8% year-on-year to KES40.6 billion as customers flocked to the firm’s M-PESA mobile payment scheme. Operating expenses for the first half of the 2009/10 financial year jumped by 23.8% from KES19.5 billion in 2008 to KES24.15 billion a year later. The company added over 2.54 million net new mobile customers in the twelve months ended 30 September 2009 with a total subscriber base of 14.51 million. Meanwhile, interest in Safaricom’s M-PESA scheme, which allows consumers to transfer money via their handset, leapt by 93% year-on-year, with nearly eight million registered users by the end of September 2009.

Kenya, Safaricom