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Kenya

AccessKenya profit grows

NAIROBI, Kenya, Mar 13 – AccessKenya Group said on Friday that its after-tax profits for the year ended December 2008 rose by 65 percent to Sh211 million from Sh127 million in 2007.

The corporate Internet Service Provider said in a statement that it’s revenues for the year ending December 2008 were Sh1.57 billion – a 75 percent increase from the figures in the previous year. 

“It’s a very significant increase on the Sh127 million achieved in 2007.  In 2006 – the year before the Group’s IPO – revenues and profit after tax were Sh578m and Sh47m respectively,” commented Group Managing Director, Jonathan Somen.

He said Friday’s results presented good news for shareholders who invested in the Initial Public Offering in 2007.

“For those shareholders who invested in our IPO, on the basis of the 2006 results, they are now owners of a company with nearly triple the revenues and over quadruple the profits,” read the statement.

Mr Somen attributed the growth in revenue to the transformation from a business with one single business line dealing in corporate internet, into one with three significant revenue streams dealing with corporate broadband, residential broadband, and IT services respectively.

He said: “As the arrival of international fibre approaches, we are taking all necessary steps to ensure that our customers will achieve the greatest benefits upon its arrival.”

The group MD confirmed that the company has confirmed that they are targeting a minimum turnover of Sh2 billion in 2009.

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