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Safaricom full-year profit hits Sh55.3bn, Bob makes comeback

Safaricom chief executive, Mr Bob Collymore. FILE PHOTO | NMG
Safaricom CEO Bob Collymore addressing investors via video link during the company's full year investor briefing on May 9, 2018. PHOTO | DIANA NGILA | NMG 

Safaricom #ticker:SCOM has announced Wednesday that its net profit for the year ended March 2018 grew to Sh55.3 billion, compared to Sh48.4 billion the year before on the back of M-Pesa and data revenues.

This represents a 14.3 per cent growth of its full-year after-tax earnings.

M-Pesa revenue grew 14.2 per cent to sh62.9 billion while mobile data was up 24 per cent to sh36.4 billion in the period.

Bob's return

The chief executive of Kenya's largest telecommunications firm, Bob Collymore, also announced that he would be making a return to the helm.

In a video message shared to staff and shareholders, he said he is awaiting medical clearance to travel back to the country.

“I just entered the final phase of treatment and expect to be back in Nairobi as soon as my doctors feel that my immune system is sufficiently robust to withstand the infection risks that are usually associated with airline travel,” he said.

Collymore left Kenya for the UK in October last year for treatment of an undisclosed illness leaving Safaricom in the hands of chief financial officer Sateesh Kamath and director of strategy and innovation Joseph Ogutu.

Radiant

In the video, he appeared radiant and healthy, confidently assuring Safaricom customers and stakeholders that he has made good progress.

Collymore also expressed his pleasure at Safaricom’s 2017 Financial Year results, saying that the company’s Sh55.3 billion net income was “ahead of the guidance set last year”

“To achieve these results, we sharpened our focus on delivering relevant products and services, organizational effectiveness and putting our customers first,” he said.

He highlighted double digit growth in M-Pesa and mobile data revenues, despite a tough business environment last year characterized by a prolonged electioneering period and a difficult regulatory environment.

Collymore’s video caused a stir online with many Kenyans taking to their social media accounts to welcome him back and to congratulate Safaricom on its impressive results.

While presenting the results Wednesday morning, Safaricom Chief Finance Officer (CFO) Sateesh Kamath said the board had recommended a dividend of Sh44.1 billion, an increase of 13.5 per cent form the previous year.

It will be paid at Sh1.10 a share.

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