Safaricom Group’s net profit increased 35.9 per cent to Sh58.2 billion in the six months ended September 2026, supported by growth in its Kenyan operations and a substantial improvement in the performance of its Ethiopian business.
The telecommunications giant reported an 11.3 per cent rise in group service revenue to Sh226.1 billion, while earnings before interest, tax, depreciation and amortisation (EBITDA) expanded 27.5 per cent to Sh129.2 billion.
Operating profit, measured by earnings before interest and tax (EBIT), advanced 39.8 per cent to Sh91.1 billion, reflecting stronger operating performance across the business.
M-Pesa revenue crosses Sh100 billion
Safaricom’s mobile money platform, M-Pesa, recorded a major milestone after generating Sh100.1 billion in revenue during the half-year period, becoming the first time its earnings have exceeded Sh100 billion in six months.
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The revenue represented a 13.6 per cent increase compared with the same period last year, supported by rising transaction volumes and expanding digital financial services.
M-Pesa processed 27.4 billion transactions, a 25.2 per cent increase, while the total value of transactions grew 16.6 per cent to Sh23.6 trillion.
Chargeable transactions rose 48.2 per cent to 12.9 billion, accounting for 47 per cent of all transactions, compared with 39.7 per cent in the corresponding period previously.
Payments drive M-Pesa growth
Consumer payments remained M-Pesa’s largest revenue stream, contributing Sh40.8 billion after growing 14 per cent.
Business payments revenue increased 14.7 per cent to Sh31 billion, while financial services delivered the fastest growth, rising 55.3 per cent to Sh7.1 billion.
Global payments revenue climbed 26.6 per cent to Sh2.8 billion, highlighting increased adoption of cross-border money transfer services.
Revenue from withdrawals, however, fell marginally by 0.5 per cent to Sh18.4 billion.
Payments accounted for three-quarters of the additional revenue generated by M-Pesa during the period, while business payments, global payments and financial services represented 98.9 per cent of incremental transaction volumes.
Kenya operations sustain profit growth
Safaricom’s Kenyan business remained the group’s principal earnings contributor, recording a 13.8 per cent increase in net profit to Sh66.3 billion.
Service revenue in the domestic market rose to Sh216 billion, while EBITDA increased 13.3 per cent to Sh128.9 billion.
Ethiopia losses narrow as revenue surges
Safaricom Ethiopia continued to make progress towards financial sustainability, reducing its net loss by 43.2 per cent to Sh8.8 billion.
The subsidiary recorded a 71.6 per cent increase in service revenue to Sh10.6 billion, reflecting continued expansion of its operations.
Its EBITDA loss contracted sharply by 96.5 per cent to Sh400 million, while the operating loss declined 53.4 per cent to Sh11.4 billion.
