Kenya-Telephony- Business

Kenya’s Safaricom posts $305m in half- year profits

APA-Nairobi (Kenya)

Kenya’s largest mobile phone telephony company, Safaricom on Friday announced it has posted a 20.2 percent growth to hit 31.5 billion shillings ($305 million) in its half- year profits.

According to the company, the performance reflected a 20.2 percent increase compared to within the same period last year.

While making the announcement in Nairobi, Safaricom CEO, Bob Collymore attributed the profits to popular money transfer, Mpesa which went up by 18.2 percent raking in $305 million.

He said that mobile data revenues also recorded an increase of 10.2 percent to bring in 19.45 billion shillings ($186 million)

Additionally, customer numbers increased by 1.5 percent to 29.94 million.

Collymore, however warned that newly introduced taxes on mobile telephones and internet access may slow down the company’s growth in the second half.

“Despite the opportunities we see for sustained growth, we are concerned about the impact of greater taxation on already strained consumer budgets, which may negate efforts to increase revenue generation,” he said.

Safaricom remains the biggest contributor to the exchequer, having paid close to 48 billion shillings ($472 million) in taxes as of September 2018.


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