"In a dynamic market landscape, Safaricom, Kenya's leading telecom giant, showcased resilience and adaptability despite challenges. The company, in which South Africa's Vodacom holds a stake, reported a 19.1% decline in earnings before interest and taxes, amounting to 41.45 billion shillings ($273.51 million) for the first half until September's end.
Amidst this, Safaricom experienced a remarkable 9.9% growth in group service revenue, reaching 159.1 billion shillings. The driving forces behind this impressive feat were Safaricom's innovative M-Pesa financial services and the expansion of its internet connections provision business, as highlighted by Dilip Pal, the Chief Financial Officer.
Despite challenges posed by the expansion into Ethiopia affecting the overall group performance, CEO Peter Ndegwa expressed confidence by raising the full-year core earnings forecast to 87-93 billion shillings, up from the initial projection of 75-81 billion shillings.
Safaricom's journey exemplifies not only its financial acumen but also its strategic vision, making it a standout player in the telecom industry.
The company's ability to navigate complexities and focus on innovative solutions continues to drive its success, promising an exciting future for both Safaricom and its stakeholders.
(1 USD = 151.5500 Kenyan shillings)"