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Safaricom to contribute 80pc of Treasury dividends budget
From left: Safaricom chief financial officer Sateesh Kamath, chairman Nicholas Ng’ang’a and Strategy and Innovation director Joe Ogutu during full-year investor briefing on Wednesday. PHORO | DIANA NGILA | NMG
Safaricom #ticker:SCOM will contribute nearly 80 per cent of the government’s projected dividend earnings of Sh19.8 billion in the fiscal year 2018/19, highlighting the Treasury’s heavy reliance on the telecommunications firm to meet its investments income budget.
The telco on Wednesday announced a Sh1.10 per share dividend after reporting a record net profit of Sh55.3 billion for the year ended March 2018, meaning that the government’s 14.02 billion shares (a 35 per cent stake) in the firm will net the exchequer Sh15.42 billion in dividends.
