Corporate

Safaricom Earnings Cross $1 Billion Mark, Retains Dividend at Ksh.1.2

Safaricom Kenya saw a 13.7 percent rise in net income, amounting to Ksh.84.74 billion

In the dynamic landscape of African business, a select few companies have managed to surpass the $1 billion mark in profitability.

The first of its kind is Safaricom, whose earnings before Interest and tax hit Ksh.139.9 billion.

Safaricom Chief Executive Peter Ndegwa announced the release of the Group’s Full Year results for the period ended March 31, 2024, on Thursday.

Safaricom Kenya saw a 13.7 percent rise in net income, amounting to Ksh.84.74 billion, while the group net income excluding minority interest grew by 1.2 percent to Ksh.62.99 billion.

“We are extremely pleased with what we have been able to achieve as a group despite the significant start-up costs in our Ethiopia business. We expect that from 2025, Ethiopia will start being a significant growth contributor at group level for both top and bottom line,” Safaricom CEO Peter Ndegwa said.

Also Read: Safaricom Cuts Dividends to Shareholders by 5.1%

Dividend Payout to Shareholders

The telco retained a dividend of Ksh.1.2 per share, totaling Ksh.48 billion.

Additionally, Safaricom proposed a final dividend of Ksh.0.65, amounting to Ksh.26 billion, building on the interim dividend of Ksh.0.55 billion, totaling Ksh.22 billion.

“As a result of this growth, the board will recommend a final dividend of 65 cents per ordinary share bringing the total dividend payable for FY24 to one shilling and twenty cents per share, equivalent to KES.48.08 billion,” said Adil Khawaja, Safaricom Board Chairman.

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Lawrence Baraza

Lawrence Baraza is a dynamic journalist currently overseeing content at Metropol TV Digital. With a keen focus on business news and analytics, Lawrence guides the platform in delivering insightful, data-driven content that empowers its audience to make informed decisions. Lawrence’s commitment to quality and his ability to anticipate market trends make him a key figure in the digital media landscape. His work continues to shape the way business news is consumed, making a significant impact in the field.

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