Safaricom profits drop by Sh7b on Ethiopia entry and inflation

Safaricom Chairman Board of Directors John Ngumi, CEO Peter Ndegwa and Chief financial officer Dilip Pal during half-year financial results. [Wilberforce Okwiri, Standard]

Safaricom has reported an 18 per cent drop in net profit for the half year to September attributed to set-up costs of its Ethiopian subsidiary, inflation and the recent general election that slowed down consumer spending.

This saw the leading telco's profit after tax for the 2023 half-year stand at Sh Sh30 billion compared to Sh37 billion recorded over a similar period last year.