Safaricom earnings surpass billion-dollar mark

Safaricom, the leading telecommunications company in Kenya, has officially crossed the billion-dollar mark in revenue, making history as the first company in East Africa to achieve this financial milestone. The telco reported KSh139.9 billion in earnings before interest and tax for the period ending in March 2024, solidifying its position as a regional powerhouse. In an exclusive interview with CNBC Africa, Safaricom's Chief Executive Officer, Peter Ndegwa, discussed the company's remarkable achievement and outlined its strategic plans for continued growth, including its approach to stabilizing in the Ethiopian market. Ndegwa attributed Safaricom's success to its unwavering commitment to innovation and customer-centric solutions. The company's consistent focus on providing high-quality services and fostering digital inclusivity has allowed it to capture a significant share of the telecommunications market in East Africa. With an emphasis on driving financial inclusion and empowering communities through technology, Safaricom has been able to differentiate itself in a competitive industry. One of the key themes addressed in the interview was Safaricom's performance in voice and data revenues. Ndegwa acknowledged that these revenue streams appear to be plateauing and addressed speculation about whether this was a pricing issue or a result of operating at maximum demand. In response, Ndegwa highlighted Safaricom's plans for 2024, emphasizing the company's strategic approach to enhancing its offerings and meeting evolving consumer needs. As Safaricom looks to the future, Ndegwa emphasized the importance of diversification and innovation. The company is committed to expanding its product portfolio and exploring new revenue streams to drive sustainable growth. Ndegwa also elaborated on Safaricom's entry into the Ethiopian market, outlining the strategic initiatives aimed at establishing a strong presence in this key region. In conclusion, Safaricom's groundbreaking achievement of surpassing the billion-dollar revenue mark underscores its position as a trailblazer in the telecommunications industry. With a steadfast commitment to customer satisfaction, innovation, and strategic growth initiatives, Safaricom is poised to continue setting new benchmarks for success in the East African market.