SAFARICOM FULL-YEAR PROFIT RISES 18.3 PER CENT TO SH48.4BN

Using the M-Pesa mobile money transaction service at an agent's shop. Safaricom has announced an 18.3 per cent net profit rise to Sh45.1 billion in the year to March 2017.

NAIROBI - Telecommunications firm Safaricom #ticker:SCOM has announced an 27 .1 per cent net profit rise to Sh48.4 billion in the year to March 2017.

Total revenue crossed the Sh200 billion mark for the first time to stand at Sh212.9 billion, an 8.8 per cent rise.

The revenue growth is backed by a strong performance in mobile money M-Pesa and data while traditional services like voice remained resilient.

M-Pesa revenues grew from Sh41.5 billion to Sh55.08 billion while data revenues grew by 38.6 per cent to Sh29.29 billion.

CEO's tenure

The Safaricom board has announced extension of the chief executive Bob Collymore’s contract for another two years.

His contract was set to expire in August.

Safaricom Chairman Nicholas Ng’ang’a said the Safaricom Board “is happy that Mr Collymore has successfully navigated the company through difficult times.”

Daily Nation