Safaricom PLC reports 22.2% profit decline in FY ended March 2023
Safaricom PLC, the leading telecommunications company in Kenya, has announced a 22.2% decline in profits after tax for the financial year ended March 2023.
The company's PAT closed at KES 52.48 billion, a drop from KES 67.49 billion in the same period last year.
According to Dilip Pal, Safaricom's CFO, service revenue for the year ended March 2023 was KES 297.2 billion, reflecting a 5.72% year-on-year increase.
The company recently acquired a mobile money services license in Ethiopia for $150 million, signalling its entry into the Ethiopian market.
"We're in final stages of discussions with IFC on financing both debt & equity. Even if IFC comes on board, we intend to remain majority shareholders. Funding as at close of FY23 towards Ethiopia from shareholders is $1.24 bln & from Safaricom PLC is $690 mln," said Dilip Pal, Safaricom CFO.
Meet Nairobi 'kinyozi' earning Sh400,000 monthly, reveals he was 'poached' for Sh1.9m
If you asked traders in downtown Nairobi, any business that wants to take over rental space would have to part with lots of money, often in the millions, toward Goodwill, which is a fee arising from the reputation that a business has built over the years and its relationship with its customers and is paid separately from the monthly rental fee. However, in an interesting turn of events, the goodwill concept has gone beyond rental contracts and has quickly caught up in the service industry where investors are paying an arm and a leg to acquire, train and retain staff. Akin to the multi-billion shilling sports transfer window signings, investors are splashing premium fees in goodwill to win and retain service providers. NTV’s Brian George, for instance, has had to follow his barber to Kitengela after he made millions after being poached, and now he tells us his story.
September 18, 2024
How barbershops are buying out talent in Nairobi's booming service industry
If you asked traders in downtown Nairobi, any business that wants to rent an initially rented space would have to part with lots of money, some in the millions in the name of Goodwill. However, in an interesting turn of events, this business has fast caught up in the service industry with investors paying an arm and a leg to acquire, train and retain staff, some of whom may not stay the long haul when another more satisfying offer is dangled at them. NTV’s Brian George, for instance, has had to follow his barber to Kitengela after he made millions having been poached and now tells us his story.
September 16, 2024
Kenya's rising tax burden | On the money
The conversation on the ‘Tax vs GDP ratio’ has been trending for a while with many people not wondering about the pros and cons, or even further, not understanding what it even means. President William Ruto set out an ambition of increasing the tax vs GDP to 22% by the year 2027
June 5, 2024
Beating students accomodation demand | On the money
May 29, 2024
Supplementary budget 2 | On The Money
This week on the money, we shift focus to Supplementary Budget 2 ahead of the National Budget reading and tabling in parliament. With significant expenditure slashes, this supplementary budget faces sharp revenue out turns and significant considerations like disaster and emergency funds allocations. NTV's Julians Amboko sat with IC Group Economist Churchill Oduor and he started by asking his highlights of the budget.
May 8, 2024
Operationalizing the Lamu Port || On the money
Ethiopia is set to be the first landlocked country within the East African Community region to import cargo via the port of Lamu. A conventional cargo carrier is expected to dock in Lamu with over 60,000 metric tons of fertiliser to be transported to Addis Ababa through the Lamu Port-South Sudan-Ethiopia-Transport Corridor road infrastructure. With the arrival and installation of the ultra mordern equipment at the port, the facility is now capable of handling Post Panamax vessels carrying upto 20,000 containerized cargo.
April 17, 2024
National Debt Headache || #OnTheMoney
Experts are calling on alternative sovereign restructuring means and templates to cushion African countries from defaulting and for better lending terms. This has been against the back drop of Ghana's recent default in meeting its debt obligations. NTV's Julians Amboko is back from a debt conference that happened in Accra in march and shares excerpts of Business redefined show tonight, on the money.
April 10, 2024
Weak shilling hurts banks || On the money
Top Kenyan banks recorded gains worth 35.8 billion shillings when converting the 2023 financials of regional subsidiaries into Kenya shillings, reflecting the effect of a weaker currency in the period under review. This is a whooping 6.6 billion shillings less what the lenders earned in the preceding year. This week, On the money, NTV's Brian George crosses the T's and dots the i's explaining what happened, in a year that saw the Kenyan shilling record sharp volatilities. Take a look.
April 3, 2024
Nine steel manufacturers slapped with record Sh338.8M fine for market distortion
The Competition Authority of Kenya has slapped nine steel manufacturers with a record Sh338.8 million fine for market distortion and price collusion.
According to the competition watchdog, the nine companies have been penalised for artificially inflating the prices of steel products.
The companies and their fines include Corrugated Steel Ltd (Sh86.9 million), Tononoka Rolling Mills Ltd (Sh62.7 million), Devki Steel Mills Ltd (Sh46.3 million), Doshi and Hardware Ltd (Sh41.6 million), Jumbo Steel Mills (Sh33.1 million) and Accurate Steel Mills Ltd (Sh26.8 million).
Others are Nail and Steel Products Ltd (Sh22.8 million), Brollo Kenya (Sh9.4 million) and Blue Nile Wire Products Ltd (Sh9.16 million).
CAK said investigations into the steel sector commenced in August 2020 when the Authority began collecting intelligence on pricing and output restriction.
The Authority's Acting DG Adano Wario said the penalties on the firms are proportional to the offense, specifically harming consumers who are grappling with the high cost of building materials in the country.
"Cartels are conceived, executed and enforced by businesses to serve their commercial interests and to the economic harm of consumers," Wario said.
August 23, 2023