Safaricom shareholders have given the green light for a final dividend of Ksh 0.65 per share, totaling KSh26.04 billion for the fiscal year ending March 31, 2024.
This follows an interim dividend of KSh0.55 per share, amounting to Ksh 22.04 billion, paid out in March.
The combined total for the year is KSh1.20 per share, which translates to Ksh 48.08 billion overall.
Despite facing challenges from its Ethiopian operations, Safaricom achieved a modest 1.2% increase in net profit.
The company’s performance was driven largely by strong results from its Kenyan division, especially M-PESA.
Safaricom CEO Peter Ndegwa highlighted the company’s success in reaching over USD 1 billion in earnings before tax and interest in Kenya alone.
This milestone makes Safaricom the first firm in Eastern Africa to achieve this level.
The dividend payment is set for August 31, 2024, to shareholders recorded as of July 31, 2024.
Board Chairman Adil Khawaja praised the company’s resilience, noting that despite losses in Ethiopia, Safaricom managed to maintain its dividend level from the previous year.
At the AGM, concerns were raised about potential data privacy issues following recent customer complaints.
Safaricom reassured shareholders of its commitment to user data protection.
In leadership changes, Ory Okolloh and Francesco Bianco will leave the board on July 24 and August 1, 2024, respectively.
Their replacements will be announced later.
Despite economic challenges like high interest rates, inflation, and currency fluctuations, Safaricom remains focused on long-term growth.
The company is optimistic about breaking even in Ethiopia by its fourth year of operations and aims to become Africa’s leading technology firm by 2030.
