Giant telco Safaricom's operating profit for the year ended March 2023 rose by 20% to Sh140 billion.
The posting makes Safaricom the first company in East Africa to hit past a billion-dollar mark in earnings.
Safaricom CEO Peter Ndegwa said M-Pesa officially crossed the 40 per cent mark in contributing to Safaricom's service revenue.
"We have delivered a strong performance in the penultimate year of our 2025 strategy. These results are the outcome of an increasingly efficient and productive workforce attributed to our agile way of working; and accelerated investment in new capabilities that has enabled us to harness the power of big data to drive informed decision-making and enhance our customers' experiences," Ndegwa said.
Safaricom's net earnings for the year ended March 31, 2024 dropped by 18 per cent to Sh42.6 billion compared to Sh52.4 billion.
The firm attributed the drop to the tough operating environment during the year under review, characterised by forex volatilities that saw the shilling drop to lowest levels against major international currencies.
The telco's gross earnings dropped to Sh84 billion from Sh88 billion the previous year.
M-Pesa was the biggest contributor to the firm's service revenue, officially crossing the 40 per cent mark.
"Our success is a testament to the hardwork, dedication, and resilience of our team, and I am confident that we will continue to build on this momentum in the years to come," Ndegwa stated,
The mobile money arm of the listed telco's total earnings rose to Sh139.9 billion, representing 42 per cent of Safaricom's total service revenue.
This is an increase from 19.36 per cent the previous year.
