Safaricom Group Plc reported lower-than-expected annual profit after the Kenyan telecommunications giant’s unit in neighboring Ethiopia booked losses in its first full year of operations. Net income rose 1.2% to 62.99 billion shillings ($479.2 million) in the year through March 31, the Nairobi-based company said in a statement Thursday, missing the 67.6 billion-shilling median estimate by analysts in a Bloomberg survey. Its Kenyan unit reported $1.07 billion in operating profit, the first time that the measure exceeded the billion-dollar mark.

Source: Ethiopian News May 09, 2024 16:54 UTC