Safaricom net profit drops
Safaricom posts Sh67.49b net profit for the year ending March 31, 2022; a 1.7pc drop from Sh68.67b recorded in 2021, cites high operating costs for decline.
According to the firm’s Chief Executive Officer (CEO) Peter Ndegwa, the telco also grew its mobile data revenue by 10 per cent in the second half of the 2021/2022 FY, to Sh24.8 billion. This was a 3.7 per cent increase from the first half of the same financial year.
The telco has cited a challenging business environment owed to Covid-19 and heightened regulatory risk as factors that contributed to the decline.
However, the firm says it has seen a return to its pre-Covid-19 levels of the Gross Domestic Product (GDP) growth in 2021.
“We are encouraged by the recovery from the pandemic in the past year. We have witnessed a return to the pre-COVID-19 levels of GDP growth in 2021,” Board Chairman Michael Joseph said in a statement.
