Kenya’s mobile telephone Price wars cut Safaricom’s profits.
By admin - Wed May 18, 4:55 pm
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Safaricom braved the vicious price wars in the mobile phone sector to grow its revenues 13 per cent to Sh95 billion.
However, the firm saw its net profits fall 13 per cent to Sh13 billion on account of increased costs.
“Our strategy of diversifying away from the voice has delivered very strong growth in the non-voice revenues driven by a significant in the number of Data and M-pesa customers coupled with customers focused offerings,” said Safaricom CEO Bob Collymore in a statement.
M-pesa revenue grew by 56 per cent to Sh11.8 billion as customer base grew by 8.8 per cent to 17.1 million in the year under review.
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