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.
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