Nairobi — East and Central Africa's biggest company by profitability, Safaricom has announced a 94% jump in profits posting a net profit of $91.7 million for the first half of the year.
The results will end months of apprehension from Safaricom shareholders following a serious dip in profits for the 2011 financial year.
High competition and stiff sector regulation have seriously eaten into Safaricom's earnings containing it's almost monopoly status in the Kenyan market.
According to the figures, the company's total revenues rose to $695.2 million attributable to a seven per cent growth in customer numbers and a 12% rise in average revenue per user (ARPU).
Safaricom CEO Bob Collymore in announcing the results said the company had embarked on a five year journey to revamp its fibre infrastructure to boost earnings from data. The programme will cost Safaricom another $117.6 m.
"The figures we are releasing are a clear testimony of the loyalty of our customers to our services. We are investing heavily in fibre infrastructure revamping to increase customer experience. This is a process that will take us another five years," said Collymore.
A big chunk of the company's earnings emanated from voice revenue which accounted for 63% of the total revenue. Voice grew by 19% over the period.