Telecommunications giant Safaricom PLC has announced a final dividend of Sh0.65 per share, amounting to Sh26.04 billion for the financial year ended 31 March 2024.

This brings the total dividend payout to a substantial Sh48.08 billion, comprising the final dividend and a previously paid interim dividend of Sh0.55 per share, totalling Sh22.04 billion.

This decision was ratified by shareholders at the company’s virtual Annual General Meeting held on Thursday.

This generous distribution of profits to shareholders underscores the company's robust financial performance, despite operating in a challenging economic environment marked by high interest rates, inflation, and currency fluctuations.

“The business displayed significant resilience in producing outstanding growth in both our top and bottom lines,” affirmed Peter Ndegwa, Safaricom PLC Group CEO.

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“This enabled us to achieve a major milestone, attaining, in our Kenyan business alone, earnings of more than USD1 billion before tax and interest (EBIT)."

Ndegwa noted that Safaricom wasfirst company in the Eastern Africa region to achieve that.

The dividend will be disbursed on or about 31 August 2024 to shareholders registered by 31 July 2024.

Adil Khawaja, Chairman of the Board, expressed satisfaction with the company’s performance.

“I am encouraged by the resilience demonstrated to deliver a very strong set of financial results, which enabled us to pay a similar dividend to last year’s despite the startup losses in Ethiopia," Adil stated.

“This success is attributable to strong strategy execution which has once again guided our decisions to deliver for our shareholders while giving more value to our customers.”

While the company celebrated its financial achievements, it acknowledged the economic headwinds that impacted both Kenya and Ethiopia.

Safaricom’s ability to deliver value to shareholders, despite these challenges, is attributed to strategic investments and robust execution.

Looking ahead, Safaricom is poised for further growth.

The company expects to reach break-even in Ethiopia by the end of its fourth year of operations and aims to transform its Kenyan operations under a new vision, striving to establish itself as Africa’s leading technology company by 2030.

This AGM marks a pivotal moment for Safaricom, underscoring its resilience and strategic foresight as it navigates the complex landscape of African markets and sets ambitious goals for the future.