Safaricom Plc, Kenya’s biggest company by market value, said first-half profit fell 18% because of the devaluation of Ethiopia’s currency. The Nairobi-based company’s net income fell to 28.1 billion shillings ($218 million) from a year earlier, Chief Executive Officer Peter Ndegwa said at a briefing on Thursday. Earnings from mobile-money product M-Pesa now account for about 43% of service revenue.

Source: Ethiopian News November 07, 2024 06:19 UTC