Safaricom, Kenya's leading telecommunications company, reported reports 5.2 per cent revenue growth for the year ended March 31, 2023.

This is according to the performance results that were released Thursday morning.

Despite facing challenges including Russia-Ukraine war, Kenya's 2022 general elections, macroeconomic challenges, and drought, the company achieved impressive results.

Group service revenue grew by 5.2 per cent year on year (YoY) to Sh295.69 billion, while one-month active customers grew by 5.3 per cent YoY to 34.54 million, and Group customers grew by 8.1 per cent YoY to 45.89 million.

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The Group's capital expenditure stood at Sh96.13 billion, with Sh55.77 billion being invested in rolling out operations in Ethiopia.

M-PESA, the company's mobile money transfer service, remained Safaricom's biggest revenue earner, accounting for 39.7 per cent of the company's service revenue.

M-PESA revenue grew by 8.8 per cent YoY to Sh117.19 billion, and M-PESA one-month active customers grew by 5.2 per cent to 32.11 million.

Mobile data revenue increased by 10.6 per cent YoY to Sh53.60 billion, and fixed service and wholesale transit revenue recorded a strong growth of 20.1 per cent YoY to Sh13.50 billion.

Safaricom also launched commercial operations for Safaricom Telecommunications Ethiopia PLC (STE) as a subsidiary of Safaricom PLC on October 6, 2022, and has covered 22 large and medium-sized cities, representing a population coverage of 24 per cent with 1,272 sites.

The company added 3.0 million gross adds since launch with 2.14 million customers being three-month active base.

Despite the challenging operating environment, Safaricom announced an interim dividend of Sh0.58 per Ordinary share, amounting to Sh23.24 billion.

Safaricom's strong financial performance demonstrates its resilience, ability to adapt and its strategic growth initiatives, and positions the company well for future growth.