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Safaricom's half year net profit takes 17.7pc hit from depreciation of Ethiopian currency
An Safaricom shop: The telco took a Sh17.5 billion hit after the birr depreciated by 51.5 percent over the period under review.
Photo credit: File | Nation Media Group
What you need to know:
- M-Pesa revenues improved to Sh77.2 billion from Sh73.7 billion on improved customer usage.
- Connectivity revenues, which include voice, mobile data and fixed data, grew to Sh91.3 billion from Sh90.8 billion.
- CEO Peter Ndegwa says the performance remains strong amid the headwinds in the Ethiopian business.
Safaricom's half year profit to September 2024 has fallen by 17.7 percent to Sh28.1 billion from Sh34.1 billion due to the depreciation of the Ethiopian currency, the birr.
The telco took a Sh17.5 billion hit after the birr depreciated by 51.5 percent over the period under review, forcing Safaricom to revalue its liabilities including foreign currency borrowings and lease agreements.
