Safaricom records Sh23.9 billion net profit

NAIROBI, KENYA: Safaricom has reported net profit of Sh23.9 billion in the six months to September 30, a 32 per cent jump compared to similar period last year.

Revenue from its mobile money service, known as M-Pesa, rose 33.7 percent to Sh25.9 billion from Sh19.35 billion  a year earlier.

The figures for the telecom company, which is 40 percent owned by Britain's Vodafone and has Kenya's biggest subscriber base, cover the period from April 1 to Sept. 30.

The company is also increasing its guidance for the full year's earnings before interest, tax, depreciation and amortization (EBITDA) to between 94 billion to 97 billion shillings, said Chief Executive Officer Bob Collymore.