SCOM | Safaricom HY23 Earnings Note

    Safaricom PLC 1HY’23 PAT declined 18.40% as driven by a 32.20% increase in operating expenses as a result of the commencement of full commercial operations in Ethiopia.

    Revenues increased 4.82% y/y to 153.45 Bn which included KES 98.30 Mn in revenue from its Ethiopian subsidiary. However, the slowdown in MPESA revenue was observed attributable to lower usage before, during, and after the election period and a decline in voice revenue due to the revised Mobile Termination Rates from KES 0.99 to KES 0.58.


    Earnings per Share (EPS) declined 8.70% to 0.84 from 0.92 in 1H22. Due to the continuous capital injection to Safaricom Ethiopia, the board did not recommend an interim dividend for the period.

     

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