Safaricom has reported an 11.2 per cent rise in total revenue to Sh388.7 billion for the financial year ending March 31, 2025, making it the first listed company in the region to cross the Sh3 billion annual revenue mark.

Net income rose by 10.8 per cent to Sh69.8 billion over the same period.

Group Earnings Before Interest and Taxes (EBIT) rose by 29.5 per cent to Sh104.1 billion.

Operating free cash flow increased by 15.8 per cent to Sh148.9 billion.

According to Safaricom, the results were driven by innovation across its product portfolio, business growth in Ethiopia, and social investment of over Sh18 billion in education, health, environment, and economic empowerment initiatives over the past five years.

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The financial year also marked the end of Safaricom’s five-year strategy period, during which the firm transitioned from a traditional telecom provider into a technology company with operations in both Kenya and Ethiopia.

In Kenya, service revenue increased by 10.5 per cent to Sh364.3 billion. M-Pesa revenue grew by 15.2 per cent to Sh161 billion, accounting for 44.2 per cent of service revenue.

Safaricom said the growth was driven by expansion beyond payments into areas such as wealth management and credit.

Connectivity revenue in Kenya grew by 6.5 per cent to Sh185.2 billion, contributing 50.8 per cent of service revenue.

Mobile data revenue rose 15.2 per cent to Sh72.9 billion, supported by higher 4G uptake.

Voice revenue rose 1.6 per cent to Sh80.8 billion, bucking the global trend of voice declines.

Safaricom Ethiopia doubled its subscriber base to 8.8 million, with over 3,141 sites in operation.

M-Pesa users in Ethiopia reached 2.8 million, generating transactions worth over Sh20.6 billion during the reporting period.

The Ethiopian business contributed nearly 10 per cent of total group revenue, with Safaricom noting that it has moved past the peak investment phase and is expected to become profitable by the 2027 financial year.

Safaricom’s CEO, Peter Ndegwa, said the company’s performance demonstrated the effectiveness of its strategy.

“We have delivered excellent group performance with double-digit growth on both top and bottom line. This strong set of results reflect the dedication of our teams, the loyalty of our customers, and the strength of our strategy,” Ndegwa stated.

“This year’s results are more than a reflection of past performance; they are a foundation for our vision of becoming Africa’s leading purpose-led tech company by 2030. We are entering a new phase of growth, and we will continue harnessing innovation for social good and shaping the future of Kenya, Ethiopia and beyond.” 

Key financial highlights for the year include:

 ▪ Group service revenue up 10.8 per cent to Sh371.4 billion

 ▪ Voice revenue up 1.8 per cent to Sh81.9 billion

 ▪ M-Pesa revenue up 15.1 per cent to Sh161.1 billion

 ▪ Mobile data revenue up 16.5 per cent to Sh78.5 billion

 ▪ Net income excluding minority interest up 14.2 per cent to Sh80.1 billion

 ▪ Safaricom Kenya net income up 12.7 per cent to Sh95.5 billion

 ▪ Operating free cash flow up 15.8 per cent to Sh148.9 billion

The reporting period marked the end of Safaricom’s five-year strategy cycle, during which it shifted from being a telecommunications business to positioning itself as a technology company with a focus on digitisation in Kenya and Ethiopia.

The company has declared a total dividend payout of Sh48.08 billion following these results, adding a final dividend of 65 cents per ordinary share to the interim dividend of 55 cents per share that was paid earlier in the year.