How Kenyans reacted to Safaricom’s jaw-dropping profits
Kenyans have reacted with amazement to Safaricom’s financial year report which revealed a new profit high for the telecommunication company.
According to the report made public on Wednesday, Safaricom’s 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.
The announcement was made by Safaricom Chief Finance Officer (CFO) Sateesh Kamath. 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.
And this what tweeps had to say:
Safaricom, East Africa’s most profitable company, reports earnings of $790m (EBIT): Hmmh, that’s larger than the budgets of Liberia, Sierra Leone, Burundi, South Sudan, Cabo Verde, Central African Republic, Guinea Bissau, Somalia, or Sao Tome & Principe #SafaricomFYResults pic.twitter.com/PB1VkNCg55
— Charles Onyango-Obbo (@cobbo3) May 9, 2018
Safaricom profits should now be comparable with corporates from South Africa.
East and central africa they are passed them
— Willis Owiti (@WillisOwiti) May 9, 2018
The profits Safaricom currently makes are now a matter of national pride. Proof of possibilities when mediocre is absent, proof of potential. #SafaricomFYResults
— kelvin karanja (@karanjakev) May 9, 2018
— Eugene Masika (@eugene_masika09) May 9, 2018
Safaricom, my service provider proud of making profits in billions yet most of that cash is thieved from our youths and the underprivileged by charging exorbitant rates. Most borrow credit almost everyday and are charged at the rate of 10%/day !!! 3650%/year!!!
— Wasusui (@wasusui) May 9, 2018
55.3 billion profit for safaricom year ending…mark you .. this is after tax- before tax, 79.1 billion ?
— King In The North? (@Charlie_Jr4) May 9, 2018
Safaricom with all its stellar profits owes Nairobi’s skyline a seriously tall corporate tower.
— Boretz (@aboreto2) May 9, 2018