Kenya: Safaricom results please Collymore who vows imminent return

Bob Collymore has lauded the team that took control of the company between October and December 2017 in his absence as a result of having to receive specialised medical treatment in London.

According the company’s results for the year ending 31 March 2018 presented this week in Nairobi, M-Pesa contributed 28.0% to service revenue in 2017, up from 20.9% in 2015. The company also reported a 10% growth in revenue to KES224.54 billion, as well as a rise in net income growth of 14.1% to KES55.29 billion during the period under review.

Collymore said the 2017 results are good because the telco performed better than what was predicted and added that the business functioned well within a challenging climate during the year.

“Both M-Pesa and mobile data grew in double digits. Voice and data continue to defy global trends to report a blended growth of almost three percent year-on-year. Sustained investment in our network rollout plan played a key role in our growth – adding 562 new 4G sites to our network,” he said ahead of an announcement by the company that it would spend between KES35 billion and KES38 billion towards infrastructure expansion from 31 March 2019.

Sateesh Kamath, Finance Director at Safaricom, said the telco now has 29 million subscribers, a million more than they it had registered at the beginning of 2017.

It also has 1600 4G sites across Kenya while its fibre rollout covers 5000 kilometres.

“In a very difficult year the GDP itself had a significant downward trend and many people were busy on non-economic activities created because of the prolonged elections. In the long term we will not prosper unless the society in which we operate does not prosper. This year has been particularly difficult,” noted Kamath.

Safaricom’s Director for Strategy Joe Ogutu added, “The economy recorded slower growth as a result of low credit availability and uptake, a prolonged electioneering period, and effects of adverse weather conditions, which led to a prolonged drought.”

Collymore said via video link-up he would return soon from medical leave to take head up the telco.

“I just entered the final phase of treatment and expect to be back in Nairobi as soon as the doctors feel that my immune system is sufficiently robust to withstand the infection risks that are usually associated with airline travel. It is very difficult to say when that will be but close monitoring by the medical team will continue here in London for a number of weeks to come,” he said.

Source: IT Web Africa