Kenya: Safaricom Posts Sh77 Billion Net Profit in 2021

Nairobi — Safaricom saw its net profit (excluding Ethiopia) rebound to pre-Covid-19 levels, growing by 12.2 per cent to Sh77 billion in the full year ended December 2021.

The telco’s mobile money platform M-Pesa continued to be the firm’s cash cow earning Sh107.7billion during the year.

The platform handled transactions worth Sh29.5trillion during the year.

“We are proud of our strong performance that reflects our focus on solving customer issues and societal challenges,” said Safaricom CEO Peter Ndegwa.

Customer growth slowed down in the period due to the ongoing implementation of changes in subscriber registration process.

Despite this, the firm’s one-month active customers grew by 4.3 per cent to 32.81million.

In total, Safaricom made Sh281 billion in revenue in the year from Sh250.4 billion recorded in 2020.

This was driven by growth in M-Pesa, mobile data, and fixed revenue.

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