Home Business News Companies Safaricom announce a 14.7% increase in net profit

Safaricom announce a 14.7% increase in net profit

Kenyan telecom giants Safaricom has announced a 14.7% increase in net profits and 7% top-line growth during their 2019 full year results.

Safaricom has attributed the revenue growth to Mpesa whichhas grown by 19.2% every year accounting for 75% of the yearly growth.

Mpesa currently accounts for 31.2% of its service revenuewith the increase driven by the increased number of users, higher velocity offunds and adoption of new cases.

Savings and lending have also been growing a fast pace of 25% yearly contributing to the biggest portion of revenue.

During the year, Safaricom announced to have added 2.1 million active Mpesa users to close at 22.6M.

Also read: Kenya Airways reports a 7.5 billion net loss

When it comes to mobile data, Safaricom has witnessed a slowdown in growth rate at 6.4% against 24% growth last year.

The slow-down growth was brought about by a decision bySafaricom CEO Bob Collymore who called on rationalization of data pricing in orderto address to underlying customers issues.

Safaricom announce a 14.7% increase in net profit
News Moto
News generated from various authors under the umbrella of News Moto.

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