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Safaricom, Kenya’s leading telecommunications firm, has announced a 54.5% jump in its half-year profit, largely driven by reduced losses in its Ethiopian operations and steady performance in its domestic market.
The company reported a group operating profit of Ksh.65.2 billion ($505.6 million) for the six months ending September, maintaining its full-year financial outlook.
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Safaricom said its Kenyan business remained the primary profit engine, while losses from its Ethiopian subsidiary declined by 59% compared to the same period last year — a time when performance was heavily affected by the depreciation of the Ethiopian birr.
Launched in 2022, Safaricom Ethiopia marked the company’s first major international expansion after the government in Addis Ababa liberalized its telecom sector. The firm sees the Ethiopian market, Africa’s second most populous nation, as key to its long-term growth strategy.
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Safaricom, which is partly owned by Vodacom (South Africa) and Vodafone (UK), also reported a strong rise in service revenue to Ksh.199.9 billion, up from Ksh.179.9 billion a year earlier.
Its mobile money platform, M-Pesa, continued to be a major contributor, recording Ksh.88.1 billion in revenue, up from Ksh.77.2 billion in the previous period.
(Exchange rate: $1 = Ksh.128.95)
