Neither an extended election cycle in Kenya nor the prolonged absence of its Chief Executive Bob Collymore for health reasons could stop Safaricom from posting astonishing profits over the past year.
On Wednesday, the telecommunications firm announced a net profit of Sh55.5 billion. Speaking at the event, the company’s Chief Finance Officer Sateesh Kamath announced that a significant chunk of the revenues were realised from M-Pesa transactions and data sales.
These revenues will most certainly retain Safaricom as the most profitable company in East Africa.
To understand the true worth, these profits will – if injected in the economy – be able to.
1. Build 10 state-of-the-art stadiums – Sports fans are still waiting on President Uhuru Kenyatta and his Deputy William Ruto’s pledge of building five stadiums.
At an estimated cost of Sh5 billion per stadium, Safaricom’s profits would build double the amount of facilities the Presidency promised Kenyans in the run up to the 2013 General elections.
2. Fund the Health sector for an entire financial year – This amount is similar to what National Treasury Cabinet Secretary Henry Rotich allocated the Ministry of Health in 2017.
Then Health PS Nicholas Muraguri explained these monies would be channeled towards a number of health interventions.
He said: “It will support the free maternity programme, address the health needs of people in slums, sustain the gains made in HIV, Malaria, TB and immunization programmes.
3. Build two Thika Superhighways – The amount is enough to build two-eight lane 55km roads similar to Thika Superhighway.
4. Build 50 water dams – With access to clean water an increasing headache among Nairobians, Safaricom’s profits is enough to build 50 water dams, the size of Ndakaini.
This would significantly enhance the chances of harvesting water and supplying it to the approximately seven million residents of the country’s capital.