Safaricom Earnings Hit Ksh.140B

Safaricom PLC recorded Ksh.139.9 billion in earnings before interest and tax (EBIT) in the period ending March 31, 2024. The company’s Full Year 2023/2024 results released on Thursday show.

At a group level, incorporating the startup costs and investments in Safaricom Ethiopia, the group closed at an EBIT of KES.94.9 billion, a 3.5% growth year on year.

The earnings surpassed both the market expectations and the group guidance range of KES.129 billion-132 billion.

“We are extremely pleased with what we have been able to achieve as a group despite the significant startup costs in our Ethiopia business. We expect that from 2025, Ethiopia will start being a significant growth contributor at group level for both top and bottom line.” Peter Ndegwa, Safaricom PLC CEO said. 

In the period under review, Safaricom PLC Group revenue grew by 13.4% to KShs 335.3 billion, with M-PESA contributing 42.4% of revenue at KShs at 140 billion and GSM business contributing 52.7% at Kes.173.9 Billion. 

Net income increased by 13.7% to KShs 84.74 billion for Safaricom Kenya while the Group net income excluding minority interest increased by 1.2% to KShs 62.99. 

In Ethiopia, Safaricom it has doubled its active customer base to 4.4 million and built a network that is currently almost half the Kenya’s size.

‘’We are hence pleased with commercial momentum in Ethiopia and proud that we have been able to deliver this momentum with a Safaricom Ethiopia team that is 90% Ethiopians,” Peter said. 

The CEO also noted that the company’s vision towards a purpose-led technology company was a key factor in investment in new technologies that have enabled in creating more efficiencies and better customer engagement. 

“We are able to anticipate and serve our customers more intuitively while engaging our communities to solve their societal challenges. As a result of our razor-sharp focus on our customers, we are now a billion-dollar business in Kenya.” Mr. Ndegwa noted.

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Nixon Kanali

Tech journalist based in Nairobi. I track and report on tech and African startups. Founder and Editor of TechTrends Media. Nixon is also the East African tech editor for Africa Business Communities. Send tips to

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