Safaricom, Kenya's leading telecommunications company, reported a slight uptick in profits, albeit dampened by the underperformance of its Ethiopian arm. We expect that from 2025, Ethiopia will start being a significant growth contributor at group level for both top and bottom line," said Safaricom in a statement. Anticipating a major shift, the company foresees Ethiopia emerging as a significant growth driver from 2025, contributing substantially to both the top and bottom lines. M-Pesa, Safaricom's flagship mobile money service, emerged as the primary revenue generator, surpassing the 40 percent milestone in service revenue contribution. Earnings surged to Sh139.9 billion, constituting 42 percent of Safaricom's total service revenue, a notable increase from 19.36 percent in the preceding year.

Source: Ethiopian News May 10, 2024 08:13 UTC