Safaricom's operating profit for the year ended March 2023 rose by 20% to Sh140 billion. The posting makes Safaricom the first company in East Africa to hit past a billion-dollar mark in earnings. Safaricom CEO Peter Ndegwa announced that M-Pesa has officially surpassed the 40 percent milestone in contributing to Safaricom's service revenue. For the fiscal year ending on March 31, 2024, Safaricom reported a 23 percent decrease in net earnings, totaling Sh42.6 billion compared to Sh52.4 billion the previous year. M-Pesa emerged as the leading contributor to the company's service revenue, exceeding the 40 percent mark.

Source: The Star May 09, 2024 06:41 UTC