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    Raila Odinga

    Raila rejects presidential results

    IEBC Commissioners

    Four ‘rebel’ IEBC commissioners give reasons for rejecting Ruto win

    IEBC

    Missing Embakasi IEBC official found dead in Kajiado

    William Ruto

    William Ruto declared Kenya’s fifth president elect

    IEBC to announce presidential results at 3 pm

    IEBC to announce presidential results at 3 pm

    Schools

    CS Magoha pushes School reopening to Thursday next week

    Ambassador

    New US Ambassador to Kenya pledges to expedite Visa application process

    Defile

    Former Children’s Home Director jailed for 100 years for defiling minors

    Voting

    Matiang’i declares Tuesday public holiday to allow Kenyans to vote

  • Business
    MultiChoice

    Bars, restaurants to dig deeper as MultiChoice increases price of DStv business packages

    Posho Mills

    Govt suspends Sh100 maize flour subsidy

    AVIC

    Season 7 of Africa Tech Challenge unveiled across six African countries

    Turkey

    Mwaniki Munuhe to head Sh91 billion Turkish manufacturing project

    MultiChoice

    MultiChoice opens its 10th branch office in Nakuru

    Norfolk

    Fairmont Mount Kenya Safari Club reopens its doors after two years – PHOTOS

    Betting

    OPINION: Leading gaming firm and local authorities are pushing out rivals from the market

    Gaming

    Unfair practices pushing out gaming companies in Kenya

    Betting

    Is there conspiracy to kick out other betting companies in Kenya?

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    Football

    Premier League, La Liga and Serie A preview, 12-15 August 2022

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    Showmax unveils first trailer of political thriller, County 49

    Showmax unveils first trailer of political thriller, County 49

    Commonwealth Games

    Ferdinand Omanyala wins the men’s 100m final at the Commonwealth Games – VIDEO

    EPL

    Bar owners’ ecstatic with the start of the new football season

    Fraud

    Neymar ‘to go on trial for alleged corruption and fraud’ over his move from Santos to Barcelona

    MultiChoice

    MultiChoice opens its 10th branch office in Nakuru

    Sadio Mane

    Sadio Mane named African Footballer of Year

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    Hello world!

    #BabaTheArtist: Raila finally releases much anticipated ‘Leo Ni Leo’ campaign song – VIDEO

    SportPesa CEO joins politics, eyes Kasarani seat – VIDEO

    Two suspects wanted in the UK for murder arrested in Nairobi

    Showmax announces return of Crime & Justice Season 2

    Nairobi West Hospital launches helipad in bid to enhance emergency services – PHOTOS

    Newcastle United become football’s richest club ahead of Man City, Chelsea & PSG

    Odibets heeds Khaligraph’s call, unveils online rap challenge

    Twenty-one year old fraud suspect who hacked IEBC server arrested in Juja

  • Sports

    Hello world!

    #BabaTheArtist: Raila finally releases much anticipated ‘Leo Ni Leo’ campaign song – VIDEO

    SportPesa CEO joins politics, eyes Kasarani seat – VIDEO

    Two suspects wanted in the UK for murder arrested in Nairobi

    Showmax announces return of Crime & Justice Season 2

    Nairobi West Hospital launches helipad in bid to enhance emergency services – PHOTOS

    Newcastle United become football’s richest club ahead of Man City, Chelsea & PSG

    Odibets heeds Khaligraph’s call, unveils online rap challenge

    Twenty-one year old fraud suspect who hacked IEBC server arrested in Juja

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    Bar owners’ ecstatic with the start of the new football season

    Tecno

    Tecno launch Camon 19 and Spark 9 series in Kenya – PHOTOS

    Guinness

    Khaligraph Jones thrills fans as Guinness launch Elevated Parties – VIDEO

    Fifa World Cup Trophy

    Brazilian football legend to escort Fifa World Cup trophy to Kenya

    Trace launches campus tour series dubbed ‘Trace in the City’ – PHOTOS

    Trace launches campus tour series dubbed ‘Trace in the City’ – PHOTOS

    F1 Feature: How new regulations are shaking up the world’s fastest sport

    F1 Feature: How new regulations are shaking up the world’s fastest sport

    More motorsport and WWE thrills for SuperSport viewers!

    Watch: Pinky Ghelani returns to the catwalk as the show stopper – PHOTOS

    Watch: Pinky Ghelani returns to the catwalk as the show stopper – PHOTOS

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Safaricom profit falls by 6 per cent to Sh33 billion

Naihaps by Naihaps
November 9, 2020
in Business, Featured
Reading Time: 2 mins read

Leading telecommunications service provider has reported a drop in revenue for the first time as the disruption from the Covid-19 global pandemic continues to bite.

Profit after tax fell six per cent to Sh33b, down from Sh35 billion the previous year with the slump attributed to lower M-Pesa earnings following the Central Bank of Kenya’s directive to remove fees on transaction less than Sh1,000. M-Pesa revenue fell by Sh6.1 billion while income from betting saw a Sh700 million drop.

“Our business has proved to be resilient despite tough operating conditions. There is no doubt that Covid-19 has dealt a huge blow to many people not just in Kenya, but across the globe. This has been a tough period for businesses—small and large alike—and our customers. We are committed to walk through this journey together,” noted Safaricom Chief Executive Officer Peter Ndegwa.

Despite a 4.8 per cent drop in service revenue, Safaricom increased capital expenditure by 25.5 per cent to Sh22.75 billion, signaling investment commitment to building a network infrastructure that supports the country’s economic development. Voice service revenue dropped by 6.5 per cent to Sh40.19 billion while M-Pesa revenue revenue dropped by 14.5 per cent to Sh35.89 billion.

“As we go into our third decade as an organization, we aim to create a technology business by developing new digital ecosystems in health, agriculture and education sectors as we aim to provide digital solutions for our customers,” added Ndegwa.

“We remain steadfast in ensuring management continues to build on the strong company position that has been established over the last 20 years, running a purpose-driven business, that continues to transform lives and drive future growth,” said Michael Joesph, Chairman, Safaricom Board of Directors.

The continued focus on customers led to a 10.2 per cent increase in one month active subscribers for the period, with customers growing across all revenue streams.

With the new business strategy and the renewed focus on the customer, Safaricom expects to build on this momentum that has been gained during the second quarter of the period under review.

“Among the customers we will prioritise includes MSMEs and SMEs who we will empower through tailor-made services and products to enable these entrepreneurs to manage their businesses better. This includes the innovative product, Pochi la Biashara, that will allow them to separate business and personal wallets and Lipa Na M-Pesa Merchant App that enables small businesses to effectively manage their business tills,” said Mr Ndegwa.

The company announced plans to provide 100 per cent 4G network coverage across the country by end of this year as part of its growth strategy focused on being the technology partner of choice.

Tags: Covid-19
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