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Covid wipes Sh2b from Safaricom’s half-year earnings

Safaricom CEO Peter Ndegwa. [Wilberforce Okwiri]

Safaricom has for the first time reported a fall in earnings as the effects of the coronavirus pandemic eroded earnings for the giant telco.

According to the company’s half-year results for the 2020 financial year, profit after tax stood at Sh33 billion, down from Sh35 billion recorded in a similar period last year, with M-Pesa standing out as the biggest driver for the decline in earnings.

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