Ndindi Nyoro predicts Safaricom’s annual profit could hit Ksh120B
Kiharu Member of Parliament Ndindi Nyoro has projected that Safaricom PLC could record an annual net profit of around Ksh120 billion or more, following the telecommunications company’s strong half-year financial performance. In a post on X on November 5, 2026, Nyoro said the company’s earnings for the six months ended September 30 pointed to the […]
Kiharu Member of Parliament Ndindi Nyoro has forecasted that Safaricom PLC may achieve a net profit of Ksh120 billion or higher for the year, following the telecom firm's impressive half-year earnings report. In a post on November 5, 2026, Nyoro noted that Safaricom's second half profits suggest a higher annual profit is likely.
He praised the company's performance, considering the investments Safaricom has made in overseas markets and its impact on Kenya's economy. Safaricom's financials revealed a 35.9% jump in group net income to Ksh58.2 billion for the six months ending September 30, 2026. Revenue from services climbed by 13.1% to Ksh226.1 billion, while earnings before interest, taxes, depreciation, and amortisation (EBITDA) rose by 27.5% to Ksh129.2 billion.
Within Kenya, service revenue climbed 11.3% to Ksh216 billion, and EBITDA surpassed Ksh100 billion for the first time in a six-month period. M-Pesa revenue also crossed the Ksh100 billion mark, increasing by 13.6% to Ksh100.1 billion. Safaricom Ethiopia saw a significant 71.6% increase in service revenue to Ksh10.6 billion, and its EBITDA loss decreased by 96.5% to Ksh434.4 million, with 15.4 million active customers and contributing nearly 17% of the group's service revenue growth.
Nyoro used Safaricom's success to argue for backing large Kenyan-owned companies that can compete globally while generating job opportunities for smaller businesses. He cited firms like Samsung, Hyundai, Dangote, BUA, Reliance, and Tata as examples of entities that have grown into major players, creating opportunities for SMEs and boosting exports.
Nyoro emphasized the importance of supporting local champions across sectors to bolster the national economy. He previously championed Safaricom's role as a strategic Kenyan company during debates over the government's stake in the telecoms firm. Recently, Safaricom has been expanding its footprint beyond Kenya, with its Ethiopian business reporting higher revenues and narrowing losses.
Written by urgent.news from People Daily Kenya's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
