Telecommunication giant Safaricom has announced its results for the full year ending March 31st, 2024, reporting a KShs 139.9 Billion in its earnings before interest and tax.

The 20 percent profit increase makes Safaricom the first company in East Africa to hit past a billion-dollar mark in earnings.

Announcing the results on Thursday, May 9, Safaricom CEO Peter Ndegwa attributed the impressive performance to various factors, including customer segmentation and public sector digitization.

The telco’s investments in new technologies and improved use of data and analytics to understand and serve customers better also contributed to the company’s performance.

“We are able to anticipate and serve our customers more intuitively, while engaging our communities to solve their societal challenges. As a result of our razor-sharp focus on our customers, we are now a billion-dollar business in Kenya.” Mr. Ndegwa noted.

In the period under review, Safaricom PLC Group revenue grew by 13.4% to KShs 335.3 billion.

M-Pesa was the biggest contributor to the firm’s service revenue at KShs140 billion equivalent to 42.4% of the total revenue.

Safaricom Kenya’s net income increased by 13.7% to KShs 84.74 billion, while the Group’s net income, excluding minority interest, increased by 1.2% to KShs 62.99.

“As a result of this growth, the board will recommend a final dividend of 65 cents per ordinary share, bringing the total dividend payable for FY24 to one shilling and twenty cents per share, equivalent to KES.48.08 billion.”Adil Khawaja, Safaricom Board Chairman said.