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Safaricom profits drop by 6 8 percent to 68 7 billion

THE STANDARD BUSINESS Waiver of M-Pesa transaction charges affected Safaricom profits. [Elvis Ogina, Standard] The free M-Pesa transactions for amounts below Sh1,000 at the height of the Covid-19 pandemic last year weighed down on Safaricom’s overall earnings for the year ended 2020. The telco reported a 6.8 per cent drop in profit after tax of Sh68.7 billion for the year ended March 2021 from Sh73.7 billion in the previous period. During this period, Safaricom enabled Kenyans to reduce the impact of the pandemic by waiving fees for transactions below a Sh1,000, which saw free transactions worth Sh4.4 billion processed. Service revenue, mostly from voice and data, recorded a marginal decline of 0.3 per cent to close at Sh250.35 billion driven by double-digit growth in mobile data business, which grew by 11.5 per cent to Sh44.79 billion. Amid the coronavirus pandemic, some companies implemented work-from-home arrangements that helped boost Internet usage.

United kingdomMichael josephPeter ndegwaVodacom group ltd south africaEthiopian communications authorityGroup plc united kingdomEthio telecomSumitomo corporation japanMedium enterprisesVodafone group plc united kingdomSafaricom chairman michael josephVodacom group ltdSouth africaVodafone group plcSumitomo corporationState run ethio telecom

Safaricom profits drop by 6 8 percent to Sh68 7 billion

THE STANDARD NEWS Waiver of M-Pesa transaction charges affected Safaricom profits. [Courtesy] The free M-Pesa transactions for amounts below Sh1,000 at the height of the Covid-19 pandemic last year weighed down on Safaricom’s overall earnings for the year ended 2020. The telco reported a 6.8 per cent drop in profit after tax of Sh68.7 billion for the year ended March 2021 from Sh73.7 billion in the previous period. During this period, Safaricom enabled Kenyans to reduce the impact of the pandemic by waiving fees for transactions below a Sh1,000, which saw free transactions worth Sh4.4 billion processed. KEEP READING Service revenue, mostly from voice and data, recorded a marginal decline of 0.3 per cent to close at Sh250.35 billion driven by double-digit growth in mobile data business, which grew by 11.5 per cent to Sh44.79 billion. Amid the coronavirus pandemic, some companies implemented work-from-home arrangements that helped boost Internet usage.

United kingdomMichael josephPeter ndegwaVodacom group ltd south africaEthiopian communications authorityGroup plc united kingdomEthio telecomSumitomo corporation japanMedium enterprisesVodafone group plc united kingdomSafaricom chairman michael josephVodacom group ltdSouth africaVodafone group plcSumitomo corporationState run ethio telecom

Safaricom consortia, MTN eye Ethiopia s 112m market

THE STANDARD BUSINESS NEWS Safaricom is leveraging on a new consortium to make an entry into the vast Ethiopian telecommunications market in a move meant to grow its revenues and market share to a new high. In a statement released on Monday, the Ethiopian Communications Authority (ECA) said Safaricom was one of the members of a consortium that includes Vodacom Group Ltd (South Africa), Vodafone Group Plc (UK), CDC Group Plc (UK) and Sumitomo Corporation (Japan), that submitted bids for a nationwide telecommunication service licence. “We are delighted to have had interest from established telecoms operators from around the world, commensurate with this unprecedented opportunity, including from Africa’s two telecommunications giants MTN and the Vodafone-Vodacom consortium including Kenya’s largest telecoms provider Safaricom,” said Balcha Reba, ECA Director-General.

United kingdomBalcha rebaKathryne maunduVodacom group ltd south africaEthiopian communications authorityGroup plc united kingdomSafaricom plcEthio telecomSumitomo corporation japanVodafone group plc united kingdomVodacom group ltdSouth africaVodafone group plcSumitomo corporationState run ethio telecomCompany secretary kathryne

Safaricom consortia, MTN eye Ethiopia s 112m market

Safaricom consortia, MTN eye Ethiopia s 112m market
standardmedia.co.ke - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from standardmedia.co.ke Daily Mail and Mail on Sunday newspapers.

United kingdomBalcha rebaKathryne maunduVodacom group ltd south africaEthiopian communications authorityGroup plc united kingdomSafaricom plcEthio telecomSumitomo corporation japanVodafone group plc united kingdomVodacom group ltdSouth africaVodafone group plcSumitomo corporationState run ethio telecomCompany secretary kathryne

Telco Transformation Market is Booming Worldwide | AT&T, Telenor, Verizon Wireless

Telco Transformation Market is Booming Worldwide | AT&T, Telenor, Verizon Wireless
sandiegosun.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from sandiegosun.com Daily Mail and Mail on Sunday newspapers.

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