Kenyan telecoms giant Safaricom has reported a 55% rise in its half-year profit, driven by steady growth in its Kenya business and a smaller loss in key expansion market Ethiopia.
The company’s group operating profit reached 65.2 billion Kenyan shillings ($505.62 million) in the six months to the end of September, with group service revenue increasing to 199.9 billion shillings from 179.9 billion shillings in the same period last year.
Revenue from mobile financial service M-Pesa also rose to 88.1 billion shillings from 77.2 billion shillings previously.
Safaricom launched in Ethiopia in 2022 and is hoping its presence in Africa’s second most populous country will power future growth.
