Safaricom Announces Profit As CEO Bob Collymore Ends Medical Leave

Safaricom on Wednesday reported a 14.1 per cent increase in its annual net profit amounting to Sh55.29 billion in the year ending March 2018.

This comes as the telco company’s Chief Executive Bob Collymore announced his return at the helm of the organization.

Collymore who has been on medical leave since October 2017 said that he was making good progress in his treatment.

“I look forward to being back in action in Nairobi soon,” he said.

The Safaricom CEO said sharpening their focus on putting our customers first, delivering relevant products and services, and organizational effectiveness enabled the company to thrive despite the challenging business climate last year.

Safaricom maintained a steady momentum in mobile money business, adding 2.1 million new M-PESA customers. The mobile money transfer platform which was pioneered globally by Safaricom now contributes 28 per cent of the company’s service revenue.

The other key revenue growth driver was mobile data whose revenue increased by 24 per cent to Sh36.36 billion.

In this financial year, (ending March 2019) the company plans to spend about Sh38 billion in infrastructure expansion.

“In FY 2019 we look to drive long-term shareholder value by deploying next-generation network services, leveraging data analytics and segmentation, guided by our purpose of transforming lives to turn innovative ideas into realities,” said the Finance Director Sateesh Kamath.

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