Connect with us

Hi, what are you looking for?


Collymore announces his return as Safaricom posts Sh55.29b profit

Collymore has been on sick leave since October 2017/FILE

NAIROBI, Kenya, May 9 – Safaricom Chief Executive Bob Collymore is set to return to the helm of the organisation as the company announced a 19.9 percent increase in net Income to hit Sh55.29 billion.

Collymore who has been on medical leave since October last year noted that he was making good progress in his treatment without disclosing the actual date of return.

“I look forward to being back in action in Nairobi soon,” Collymore announced during the release of their performance for the year ended March 31, 2018, on Wednesday.

The firm posted 10 per cent growth in revenue to Sh224.54 billion attributed to 38 per cent growth in data and 28 per cent growth in MPESA whose revenue hit Sh62.9 billion.

“To achieve these results we sharpened our focus on putting our customers first, delivering relevant products and services, and organizational effectiveness; a strategy that was exceptionally well executed considering the challenging business climate last year,” said Collymore.

SMS revenue went up by 6.2 percent to hit Sh17.72 billion while fixed service revenue grew by 27 percent to hit Sh6.67 billion.

The telco now has a total customer base of 29.6 million.

Moving forward the firm has planned to spend Sh38 billion in infrastructure expansion.

“In FY 2019 we look to drive long-term shareholder value by deploying next-generation network services, leveraging data analytics and segmentation, guided by our purpose of transforming lives to turn innovative ideas into realities,” said Sateesh Kamath, Finance Director.

Kamanth also raised concerns over the competition study that proposes the introduction of price controls and infrastructure sharing regulations.

Advertisement. Scroll to continue reading.

Joe Ogutu, Innovation and Strategy Director argued for market forces to prevail.

Click to comment

More on Capital Business

Executive Lifestyle

NAIROBI, Kenya, Mar 12 – The country’s super wealthy individuals are increasing their holding of bonds, gold and cash, a new report by Knight...

Ask Kirubi

NAIROBI, Kenya, Mar 9 – Businessman and industrialist Dr. Chris Kirubi has urged members of the public to exercise extreme caution when making any...

Ask Kirubi

NAIROBI, Kenya, Mar 24 – Businessman and industrialist Dr. Chris Kirubi is set to own half of Centum Investment Company PLC, following a go-ahead...

Ask Kirubi

It is without a doubt that the COVID-19 pandemic has caught the whole world by surprise. Although its full impact is yet to be...


NAIROBI, Kenya, Jun17 – Kenya’s tea leaves manufacturer Kericho Gold, has been awarded the Superbrands Seal by Superbrands East Africa for their quality variety...


NAIROBI, Kenya, Mar 18 – Commercial Banks have been ordered to provide relief to borrowers on their personal loans, with loans eligible from March...


NAIROBI, Kenya, Apr 13 – As the local telecommunications industry gears up to roll out 5G networks in the country, the Communications Authority of...


NAIROBI, Kenya, Mar 22 – Airtel Kenya is offering free internet access for students in order to enable continued learning at home in the...