Safaricom Reports Strong FY 2024 Growth with M-PESA and Mobile Data Leading Revenue Surge
Safaricom PLC has released its audited results for the year ending 31 March 2024, highlighting significant growth in various segments. The group’s flagship mobile money service, M-PESA, saw a revenue increase of 19.5% year-over-year (YoY), reaching KShs 140,006.7 million. Overall, service revenue grew by 13.4% YoY to KShs 335,353.1 million, with messaging revenue increasing by 8.3% YoY to KShs 12,319.2 million, and mobile data revenue rising by 24.9% YoY to KShs 67,404.3 million. Despite a slight decline in voice revenue by 0.6% YoY to KShs 80,541.1 million, the company’s fixed line and wholesale revenue also grew by 11.2% YoY to KShs 14,962.2 million.
In Kenya, Safaricom’s performance reflected similar trends, with M-PESA revenue growing by 19.4% YoY to KShs 139,914.8 million, and mobile data revenue increasing by 18.0% YoY to KShs 63,236.2 million. The company’s service revenue in Kenya rose by 11.7% YoY to KShs 329,805.5 million, while voice revenue saw a decline of 1.7% YoY to KShs 79,511.7 million. Messaging revenue also grew by 8.0% YoY to KShs 12,277.0 million, and fixed line and wholesale revenue increased by 12.0% YoY to KShs 15,111.3 million. Active M-PESA customers in Kenya grew modestly by 0.9% YoY, reaching 32.41 million, with total active customers rising by 4.6% YoY to 34.64 million.
In the financial year 2024 (FY24), we delivered a strong set of results amidst a challenging economic landscape that was characterized by currency fluctuations, inflationary pressures, geopolitical tensions, and global market volatility.
Peter Ndegwa, CEO, Safaricom PLC
The business demonstrated resilience in the face of these economic headwinds, showcased by revenue growth and an improved bottom line. We were well positioned to capitalise on opportunities arising from digitizing our customers across consumer propositions and financial services. We continuously invested in innovation, infrastructure, and partnerships to drive sustainable growth and deliver value to our customers and for the company
Safaricom Telecommunications Ethiopia (STE) also showed promising results, with service revenue hitting KShs 5,758.3 million. M-PESA in Ethiopia contributed KShs 91.9 million in revenue, while mobile data revenue was KShs 4,168.1 million. The company reported having 4.51 million registered M-PESA customers in Ethiopia, with 4.35 million of them being active within the last three months. Other revenue streams in Ethiopia included KShs 1,029.4 million from voice services and KShs 42.3 million from messaging services.
