Safaricom half-year profit jumps to 26.2 billion

NAIROBI, KENYA: Safaricom on Friday announced plan for regional expansion as it reported half-year profit of Sh26.2billion compared to Sh21.6b recorded same period last year.

While revenue from voice services dropped, the company realised growth in its data and M-pesa services.

"One of our major shareholders Vodafone transferred 35 per cent of its shares to Vodacom South Africa and kept 5 per cent. This has given us an opportunity to explore opportunities out of Kenya," said Safaricom chairman Nicholas Nganga

"We are looking at the external market, once we pick an investment, we will share with our stakeholders," he added.

Sateesh Kamath, the company’s chief financial officer, told an investor briefing its earnings before interest and tax also rose 20.6 percent to Sh37.5 billion in the first half, while service revenue was up 12 percent to Sh109.7 billion.