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Safaricom half-year profit drops to Sh33.5bn on Ethiopia entry costs
Safaricom Plc chairman John Ngumi (left) and the chief executive officer Peter Ndegwa during the announcement of the telco's half-year results at the Michael Joseph Centre in Nairobi on November 11, 2022. PHOTO | DIANA NGILA | NMG
Safaricom's net profit for the six months ended September fell by 10 percent to Sh33.5 billion on the impact of a cut on the mobile termination rate (MTR) and higher costs associated with the entry into Ethiopia.
Total revenue rose by 4.6 percent to Sh153.4 billion in the period, helped by an 8.7 percent increase in M- Pesa revenue to Sh56.9 billion, and an 11.3 percent jump in data earnings to Sh26.3 billion.
