Safaricom announced its HY22 results, reporting a 12.01% increase in profit after tax KES 37.06 Bn from KES 33.06Bn . Additionally, the EPS fell below our expectations by recording a 12.1% growth to KES 0.92 from KES 0.83. The growth in profitability was mainly driven by a 16.91% uptick in service revenue on the back of a recovery in Mpesa revenues coupled with a slower 14.7% growth in total operating costs.