Safaricom Earnings Hit KES140 Billion, Becoming The First Company In The Region To Hit Past The Billion-Dollar Mark

Safaricom PLC has announced a KShs 139.9 Billion in its earnings before interest and tax in the period ending March 31st 2024. At a group level, incorporating the startup costs and investments in Safaricom Ethiopia, the group closed at an EBIT of KES.94.9 billion, a 3.5% growth year on year.

The earnings surpassed both the market expectations and the group guidance range of KES129 billion-132 billion. This performance was driven by customer segmentation, public sector digitization, investments in new technologies, and better use of data and analytics to understand and serve customers better.

We are extremely pleased with what we have been able to achieve as a group despite the significant startup costs in our Ethiopia business. We expect that from 2025, Ethiopia will start being a significant growth contributor at group level for both top and bottom line.

Peter Ndegwa, Safaricom PLC CEO

During the review period, Safaricom PLC Group revenue grew by 13.4% to KShs 335.3 billion, with M-PESA contributing 42.4% of revenue at KShs 140 billion and GSM business at 52.7% at Kes.173.9 Billion.

On Ethiopia, we have doubled our active customer base to 4.4M, we have built a world class network that is currently almost half the Kenya’s size and are on track to meet our licence obligations. We are hence pleased with commercial momentum in Ethiopia and proud that we have been able to deliver this momentum with a Safaricom Ethiopia team that is 90% Ethiopians.

Peter Ndegwa, Safaricom PLC CEO


  • Service Revenue 5.2% to KES 295.7 Bn.
  • Voice revenue -2.6% to KES 81.1 Bn
  • M-PESA revenue 8.8% to KES 117.2 Bn.
  • Mobile data revenue +11.4% to KES 54.0 Bn.
  • Total customer base 8.1% to 45.9Mn.
  • One-month active M-PESA customers 5.2% to 32.1Mn.
  • One-month active mobile data customers 7.0% to 26.1Mn

Safaricom has also announced its support towards the flood victims through the M-PESA Foundation. The KShs 30 million will support the initial relief efforts, including vital supplies, food, temporary shelter, medicines, and emergency medical kits in affected areas.

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