Safaricom Profit Rises First Time in Two Years on Price Cuts
- First-half net income beats expectations and climbs 2%
- Wireless firm’s shares jump the most in 15 years in Nairobi
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Safaricom Plc, Kenya’s biggest company by market value, reported a profit increase for the first time in two years after lower prices lured users and helped offset higher expansion costs in Ethiopia.
The Nairobi-based company beat expectations by reporting a 2.1% increase in net income to 34.2 billion shillings ($225 million). Income from M-Pesa, which accounts for about 42% of service revenue, rose 16% from a year earlier.