Safaricom profit edges higher on strong data earnings

Safaricom, the largest telecommunications firm in Kenya, has reported a 14.3 per cent rise in its net profit for the year ended March 2018.

The telco announced on Wednesday that its full-year after-tax earnings grew to Ksh55.3 billion ($553 million) from Ksh48.4 billion ($48.4 million) the previous year.

The growth was buoyed by mobile money and data services which saw the company post $2.24 billion in revenues.

M-Pesa revenue rose by 14.2 per cent to Ksh62.9 billion ($62.9 million) while data surged up 24 per cent to Ksh36.4 billion ($364 million).

In an investor briefing on Wednesday morning, Chief Financial Officer Sateesh Kamath said the board had recommended a dividend payout of Ksh44.1 billion ($441 million), a 13.5 per cent increase from the previous year.

Shareholders will receive a payout of Ksh1.10 ($0.011) per share.

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