Corporate News
Safaricom share defies change of guard to remain firm
Mr Bob Collymore, who has worked as the Governance Director for Africa at Vodafone and has been on the company’s board for four years, will be the new Safaricom chief executive. Photo/FILE
Posted Monday, July 26 2010 at 00:00
The firm has the biggest market share both in subscribers (78 per cent) and revenue (84 per cent).
For the financial year ended March 31 2010, the firm posted a 37 per cent increase in its profits before tax.
The firm recorded Sh20.9 billion compared to Sh15.3 billion it posted in the previous year, once again bringing into focus its huge profits margin.
Mr Collymore comes from Vodafone where he was the director for Africa division and has also been on the firm’s board for four years.
Mr Nderi says that Mr Collymore’s reputation for success reassures the market, hence the price stability.
Vodafone owns a 30 per cent stake in Safaricom.
Mr Nderi says that the investors’ fears have also been allayed by Mr Joseph’s decision to stay close to the company albeit in a non-executive post.
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