Shareholders of telco Safaricom have approved the payment of a final dividend of Kes0.65 per unit, amounting to Kes26.04 billion for the financial year ending 31 March 2024.

With an interim dividend of Kes0.55 per share or a total of Kes22.04 billion that was paid in March this year, this brings the total dividend payout for the year to Kes1.20 per share, amounting to Kes48.08 billion in total.

“In the financial year under review, the business displayed significant resilience in producing outstanding growth in both our top and bottom lines. This enabled us to achieve a major milestone, attaining, in our Kenyan business alone, earnings of more than $1 billion before tax and interest (EBIT),” said CEO Peter Ndegwa.

“Safaricom is the first company in the Eastern Africa region to attain this landmark number,” he added.

The dividend will be payable on or about 31 August 2024 to the Shareholders on the Register of Members as at the close of business on 31 July 2024.

Mr Adil Khawaja, Chairman of the Board said: “I am encouraged by the resilience demonstrated to deliver a very strong set of financial results, which enabled us to pay a similar dividend to last year’s despite the startup losses in Ethiopia. This success is attributable to strong strategy execution which has once again guided our decisions to deliver for our shareholders while giving more value to our customers.”

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While the company delivered a strong financial performance, the year was marked by a challenging economic environment in both Kenya and Ethiopia. High interest rates, inflation, and currency fluctuations impacted disposable income and business operations.

Despite these headwinds, Safaricom demonstrated its commitment to delivering shareholder value through strategic investments and strong strategy execution.

At the Nairobi Securities Exchange, Safaricom shares closed the session trading at Kes15.55 having moved Kes331.74 million shares in total turnover.

Safaricom Group is well-positioned for continued growth in the short, medium, and long term. The company anticipates breaking even in Ethiopia by the end of its fourth year of operations. In Kenya, Safaricom’s new vision and strategy will drive growth as it works towards becoming Africa’s leading technology company by 2030.

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