Safaricom half-year net profit hits $253 million

Safaricom chief financial officer Sateesh Kamath. PHOTO | SALATON NJAU  

In Summary

• M-Pesa revenues grew by 16.2 per cent to Sh30.05 billion in the period.
• Data income rose from Sh13.4 billion to Sh17.55 billion.
• Voice revenue, which is still Safaricom’s biggest income stream, grew from Sh45.7 billion to Sh47.35 billion.

By BUSINESS DAILY
More by this Author

Kenyan telecom giant Safaricom has announced a 9.5 per cent increase in its after-tax profit to Ksh26.2 billion ($253 million) for the six months ended September 30.

Safaricom chief financial officer Sateesh Kamath, sitting in for CEO Bob Collymore who has taken sick leave, says the performance is backed by a strong performance in mobile money M-Pesa and data while traditional services like voice remained resilient.

READ: Safaricom CEO takes medical leave

M-Pesa revenues grew by 16.2 per cent to Ksh30.05 billion ($290 million) in the period while data income rose from Ksh13.4 billion ($129 million) to Sh17.55 billion ($169 million). Voice revenue, which is still the telco’s biggest income stream, grew from Ksh45.7 billion ($440 million) to Ksh47.35 billion ($457 million).

“M-Pesa and mobile data are becoming the engines of growth,” said Mr Kamath at a media briefing in Nairobi Friday morning.

Bob's health

Chairman Nicholas Ng'ang'a urged an end to speculation over Mr Collymore's health, whom he said went for specialised medical attention abroad on the advice of his doctors.

Mr Ng'ang'a said Collymore's absence for "a few months" leaves no vacuum at the company.

“Bob’s style of management is very strong, he's empowered managers adequately hence as far as the company itself is concerned it's in strong hands. There is no vacuum," said Mr Ng'ang'a.

READ: Corporate world rallies around ailing Safaricom boss

Reporting by Brian Ngugi. Additional reporting by Hudheifa Aden, Mugambi Mutegi and Lynette Mukami