Kenya’s most profitable firm, Safaricom could post a drop in full-year earnings, the first in over two decades of its operations on Covid-19 effects. The telco's financial year under review was marred by Covid-19 social-economic disruptions, hampering users' spending patterns. The reporting period started in March last year at the time Kenya reported its first Covid-19 case. Safaricom's half-year profit dropped six per cent to Sh33 billion compared to the same period in 2020 attributed to zero-rating of M- Pesa transactions and a drop in voice revenue as users cut on communication budget due to Covid-19 economic pressures. Acting Chief Operating Officer Ilanna Darcy said the ongoing M-Pesa transaction relief to cushion consumers and the overall economic effect of Covid-19 on households slowed profits growth.

Source: The Star May 12, 2021 13:52 UTC