Safaricom PLC FY’23 PAT declined 22.24% to KES 52.48Bn driven by a 34.24% increase in operating costs as a result of commencement of full commercial operations in Ethiopia, effects of high inflation and the continued depreciation of the shilling.
Revenues increased 4.30% y/y to KES 310.90Bn which included KES 1.83Bn in revenue from Safaricom Ethiopia. Mpesa revenue increased on the back of increased usage and resumption of wallet to bank and bank to wallet charges. However, a decline in voice revenue was observed due to the effects of downward revision of Mobile Termination Rates( from KES 0.99 to KES 0.58).
Earnings per Share (EPS) declined 10.92% to KES 1.55 from KES 1.74 in FY’22 driven by adjustments for Ethiopian operations. A final dividend of KES 0.62 was declared, a decline from KES 0.75 in FY’22, bringing the total dividend for FY’23 to KES 1.20 a decline from KES 1.39 in FY’22
