Safaricom Plc profit after tax for the six months period to September this year has more than doubled to reach Ksh 29.2 billion.
Unaudited financial disclosures indicate that the telco net profit rose from Ksh 10 billion reported over the same period last year.
Net income rose by 52pc to Ksh 42.8 billion for the six months period backed by strong earnings from its Kenya and Ethiopian units.
Net income rose from Ksh 28 billion powered by strong earnings before interest, taxes (EBIT) which surged by 54.5pc to Ksh 65.2 billion up from Ksh 42.2 billion registered last year.
“Despite a tough operating environment, we maintained a strong momentum, expanding our network in both markets, launching Fintech 2.0, our AI-powered financial services platform, and sustainably growing and deepening our presence in Ethiopia,” said Peter Ndegwa, Safaricom Group Chief Executive Officer.
While the Safaricom Kenya reported a 9.3pc growth in service revenue to Ksh 194 billion, Safaricom Ethiopia posted stronger growth of 136pc to Ksh 6.2 billion.
The improvement reported in the Ethiopian Unit is attributed to the 16.9pc depreciation of the Birr against the US dollar to 146.41 as well as 33pc depreciation against the Euro to 172.43 in the fist half.
“Ethiopia is no longer classified as a hyperinflationary economy under IAS 29 as of 30 June 2025, following a sustained decline in inflation indicators. This marks a significant step toward macroeconomic stability in Ethiopia and the end of hyperinflationary accounting for our Ethiopian operations, save for residue effects that will unwind over time,” said Dilip Pal, Safaricom Plc Chief Financial Officer.
The firm reported a 11pc year-on-year growth in service revenue which hit Ksh 199.9 billion from Ksh 179.9 billion netted last year as total revenue rose to Ksh 204.7 billion from Ksh 189.4 billion.
Revenue from M-Pesa, the group’s dominant mobile money platform grew by 14pc to Ksh 88.1 billion compared to Ksh 77 billion reported last year while mobile service revenue which include voice, data and SMS increased to Ksh 190.2 billion from Ksh 171 billion.
