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HomeNigeriaSafaricom's profit dropped slightly by 1.7% in FY 2021

Safaricom's profit dropped slightly by 1.7% in FY 2021

It must be famous that the income progress was pushed by lively progress in Safaricom’s voice, information and cellular cash enterprise traces. The firm has a complete of 42 million subscribers and controls 70.4% of Kenya’s voice market, in addition to 64.3% of the cellular information market.

Another key takeaway from the monetary report is that Safaricom’s earnings earlier than curiosity, taxes, depreciation & amortisation (EBITDA) elevated by 11.1% to $1.3 billion (KSh149 billion) through the interval beneath assessment.

Also notice that each direct prices and working bills rose by 14.3% and 19.9% respectively, at the same time as the corporate incurred a complete earnings tax of $293.3 million (KSh34.7 billion); marking a 39.1% enhance in comparison with $214.3 million (KSh23.9 billion) through the previous monetary yr.

Meanwhile, the telco’s profit after tax declined slightly by 1.7% to $581 million (KSh67.49 billion), down from $591.3 million (KSh68.7 billion) through the comparable monetary yr.

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While commenting on the monetary efficiency, Safaricom’s Chief Executive Officer, Peter Ndegwa, stated:

“I am proud that our growth and achievements this financial year are attributed to prioritizing the needs, aspirations and hopes of our customers alongside investments in our network infrastructure. Our focus this year was to embed customer obsession at the core of our culture delivering superior customer experiences. We adopted the Agile ways of working which fosters collaboration across the organisation and speeds up decisionmaking bringing us closer to our customers.”

This is the primary monetary assertion from the corporate since establishing its first operation in Ethiopia. Official launch in the Horn of Africa nation is predicted to begin someday this yr. And in the meantime, the corporate has made heavy funding in infrastructure in addition to reached strategic partnership agreements with each Ethio Telecom and Ethiopian Electric Power.

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