Safaricom has revived plans to borrow from both local and international investors ahead of the rollout of commercial operations in Ethiopia this year. The telco giant’s CEO Peter Ndegwa said the firm had revived credit talks with local commercial banks and the International Development Finance Corporation (IDFC). Despite this, profit after tax excluding Ethiopia increased by 12.2% to Sh77 billion, returning to pre-Covid-19 levels. The company’s net income increased 5.4% to Sh72.35 billion, while service revenue increased 12.3% to Sh281.11 billion. Revenue from voice services increased by 0.8 percent to Sh83.21 billion, while revenue from mobile data increased by 8.1 percent to Sh48.44 billion.

Source: Ethiopian News May 13, 2022 14:15 UTC