Safaricom half-year profit rises to Sh37bn on end of free M-Pesa


Safaricom CEO Peter Ndegwa. PHOTO | POOL

Safaricom #ticker:SCOM half-year net profit to September rose 12.1 percent to Sh37.05 billion with M-Pesa revenues driving the rebound on account of end to free State-backed transactions to support customers during the Covid-19 period.

The results, covering six months from April to September 2021, also saw voice and messaging revenue increase in the period that coincided with the lifting of Covid-19 restrictions.

M-Pesa revenue jumped by 45.8 percent or Sh16.4 billion, to Sh52.3  supported by the return to charging of transactions below Sh1,000 in January and improved business activity contributing to a 16.9 percent jump in service revenue to Sh138.4 billion.

"Growth in service revenue was mainly attributed to M-Pesa revenues as well as mobile data, voice and fixed business," said Safaricom chief financial officer Dilip Pal at an investor briefing Wednesday.