Safaricom pledged to cover the whole of Kenya with its 4G network by the end of this year by ramping up investments despite a dip in its H1 financial results.
In a statement, the Kenyan operator announced it aims to connect 100% of the population as it embarks on a vision to become a “purpose-led technology company by 2025”.
As part of its coverage plan, Safaricom revealed it will increase capital expenditure by 25.5% to KES22.75 billion ($208 million).
CEO Peter Ndegwa made the announcement as he revealed the Kenyan operator’s 2020 H1 results, in which Safaricom saw a 6% net profit decrease to KES33 billion, service revenue dropped 4.8% to KES11.4 billion and net income was down 6% to KES33 billion.
The company also reported voice service revenue dipped 6.5 per cent to KES40.19 billion, while M-Pesa revenue slumped 14.5% to KES 35.89 billion.
Ndegwa stated as part of the operator’s strategy going forward, will aim to develop and sell new digital ecosystems in the health, agriculture and education sectors. He added the company will prioritise MSMEs & SMEs through “tailor-made services and products to enable these entrepreneurs to manage their businesses better” and “effectively manage their business tills.”
“The Board is encouraged by the positive trajectory witnessed going into the second quarter of our financial year. We remain steadfast in ensuring management continues to build on the strong company position that has been established over the last 20 years, running a purpose-driven business, that continues to transform lives and drive future growth,” said Michael Joesph, Safaricom board of directors chairman.
