Image Credit: Safaricom
Safaricom has announced plans to provide 100% 4G network coverage across the country by end of this year as part of its growth strategy focused on being the technology partner of choice.
Safaricom Chief Executive Officer Peter Ndegwa made the announcement as he released financial results for the half year ended 30th September, 2020 which saw net profit decrease by 6.0% to KES 33.07 billion with service revenue hitting KES 118.41 billion.
Despite a 4.8% drop in Service Revenue, Safaricom increased capital expenditure by 25.5% to KES 22.75 Billion, signaling investment commitment to building a network infrastructure that supports the country’s economic development. Voice service revenue dropped by 6.5% to KES 40.19 billion while M-PESA revenue revenue dropped by 14.5% to KES 35.89bn.
The continued focus on customers led to a 10.2% increase in one month active subscribers for the period, with customers growing across all revenue streams.
With the new business strategy and the renewed focus on the customer, Safaricom expects to build on this momentum that has been gained during the second quarter of the period under review.
Peter Ndegwa, CEO, Safaricom
There is no doubt that COVID-19 has dealt a huge blow to many people not just in Kenya, but across the globe. This has been a tough period for businesses—small and large alike—and our customers. We are committed to walk through this journey together.