Kenya: Safaricom posts net profit up 12.1% in third quarter 2021

Safaricom achieved net profit up 12.1% to 37.05 billion shillings (332 million USD) in the first nine months of the year, according to financial results released by Kenya’s largest telecommunications provider .

This performance is due to the increase in income of M-Pesa (the microfinance and mobile money transfer service) which took advantage of the end of free transactions decided by the State to support clients during the period. of Covid-19.

M-Pesa’s revenue jumped 45.8% to 52.3 billion shillings (468 million USD), supported by the return to billing of transactions below 1,000 shillings (8.96 USD) in January. The platform also benefited from improved business activity contributing to a 16.9% increase in service revenues to 138.4 billion shillings (1.2 billion USD).

In addition, between April and September, voice and messaging revenues increased thanks to the lifting of Covid-19 restrictions.

“The growth in services revenue was primarily attributed to M-Pesa revenue as well as the mobile data, voice and landline businesses,” Safaricom CFO Dilip Pal said in a briefing with investors this Wednesday, November 10.

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