Safaricom CEO Peter Ndegwa. Photo | courtesy.
Safaricom PLC has posted a historic milestone, becoming the first company in the region to surpass the Sh387 billion ($3 billion) revenue mark, thanks to aggressive investment in technology, regional expansion, and sustained community engagement.
For the financial year ending March 31, 2025, Safaricom reported an 11.2 percent increase in total revenue to Sh388.7 billion ($3 billion), while net income grew by 10.8 percent to Sh69.8 billion.
The company attributes its impressive performance to several key factors, including a bold five-year transformation strategy that repositioned Safaricom from a traditional telco to a full-fledged technology company.
The period saw significant investments over Sh18 billion into community initiatives in education, health, environmental sustainability, and economic empowerment.
“We have delivered excellent group performance with double-digit growth on both the top and bottom lines,” said Safaricom CEO Peter Ndegwa.
“This strong set of results reflects the dedication of our teams, the loyalty of our customers, and the strength of our strategy.”
Safaricom’s expansion into Ethiopia has begun to bear fruit, contributing nearly 10 percent to group revenue.
ALSO READ: Inside Treasury’s Strategy to Broaden Tax Collection Net
The Ethiopian business more than doubled its subscriber base to 8.8 million and now operates over 3,100 sites.
Additionally, 2.8 million users in Ethiopia have embraced M-PESA, transacting more than KES 20.6 billion in the past year.
Locally, Kenya’s service revenue grew by 10.5 percent to Sh 364.3 billion, with M-PESA now 18 years old delivering Sh161 billion, accounting for 44.2 percent of that total.
The growth of 15.2% in M-PESA earnings is credited to diversification into wealth management and credit solutions.
The connectivity business in Kenya also saw a 6.5 percent rise to Sh185.2 billion, with mobile data revenue surging 15.2 percent to Sh72.9 billion, driven by increased 4G adoption.
Remarkably, voice revenue also grew by 1.6 percent to Sh 80.8 billion, defying global declines in traditional telephony. Group Earnings Before Interest and Taxes (EBIT) jumped 29.5 percent to Sh104.1 billion. Likewise, the telco’s free cash flow rose 15.8 percent to Sh148.9 billion.
