Safaricom Half-year Financial Results Announced (2021/2022)

safaricom financial results

Safaricom PLC., has today announced its unaudited financial results for the six months ended 30 September 2021.

The telco has announced performance in H1 FY22 has been better than H1 FY21. Service revenue grew 16.9% YoY in H1 FY22 supported by strong execution, recovery in M-PESA revenue following the return to charging on Person to Person, and Lipa na M-PESA
transactions below KShs 1,000 beginning January 2021, and improved consumer confidence and business activity in the economy. In the period, one-month active customers grew 4.7% YoY to 31.75Mn adding 1.4Mn customers to the base.

Voice and Messaging

Voice revenue increased 3.2% YoY while messaging declined 18.3% in H1 FY22. Growth in voice is attributed to increased Customer Value Management (CVM) initiatives and propositions, a key enabler to the attainment of our strategic priority to defend the core in line.

These initiatives enabled us to offer our customers differentiated value propositions and personalized offers. Our voice traffic share stood at 68.2% as at June 2021 according to Q4 Communications Authority industry statistics report. Voice outgoing minutes have grown 30.2% YoY while incoming minutes grew 13.8% YoY. Outgoing minutes of use per subscriber grew 22.6% YoY. Voice and messaging revenue recorded a marginal blended decline of 0.1% YoY and account for 34.2% of service revenue.

Following the increase of excise duty on airtime and other telephony services from 15% to 20% effective 1 July 2021, we absorbed tax on mobile data and passed on tax on voice and fixed which slowed down industry momentum.

This reporting period was preceded by an extremely challenging Financial Year. The COVID-19 pandemic altered the environment for all businesses and ours was no exception. In responding to the pandemic, we remained true to our purpose of Transforming Lives. A guiding light in our efforts in supporting and helping the country, through our transformational products and services to weather the storm. These efforts are paying off in building resilient individuals, communities and businesses, especially now as we gradually begin to experience a near normalcy period.”

— Peter Ndegwa, Safaricom PLC CEO


M-PESA revenue recorded strong performance growing 45.8% YoY in H1 FY22 following the return to charging at the beginning of January 2021. Total transaction value grew 51.5% YoY to KShs 13.7Trn while the volume of transactions grew 42.0% YoY to 7.3Bn

M-PESA wallet to bank and bank to M-PESA wallet transactions continue to be free and these account for 18.1% of the total value of M-PESA transactions. Chargeable transactions per one-month active customers grew 91.9% YoY to 18.1 transactions. Innovation in digital financial services has been a key growth driver for M-PESA. We continue leveraging technological innovation to enhance access to financial services for consumers and enterprise customers.

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Mobile Data

Mobile data revenue grew 6.3% YoY weighed down by price rationalization, absorbed tax from excise duty adjustment on data from August 2021, and a lapping effect of the accelerated growth recorded in H1 FY21 at the onset of the pandemic in Kenya. Distinct data bundle customers grew 8.1% YoY to 17.0Mn, data customers using more than 1GB increased 26.7% YoY to 6.8Mn while Active 4G devices grew 37.3% YoY to 9.7Mn. Effective rate per MB declined 27.0% YoY in H1 FY22.

Fixed Service and Wholesale Transit

Fixed service and wholesale transit revenue grew 21.1% YoY to KShs 5.5Bn supported by 20.1% YoY growth in enterprise revenue to KShs 3.5Bn and 22.9% growth in consumer revenue to KShs 2.0Bn. FTTH customers grew 17.1% YoY to 153.4k while enterprise fixed customers grew 38.3% YoY to 44.9k. Capital expenditure for the six months ended 30 September 2021 stood at KShs 22.81Bn growing at 0.3% YoY. 4G, 3G, and 2G population coverage now stand at 95.9%, 96.3%, and 96.9% respectively.


As of 30 September 2021, borrowings were KShs 77.00Bn while cash and cash equivalents stood at KShs 26.45Bn leaving a net debt position of KShs 50.54Bn. To support the payment of license fees for the telecommunications license awarded to the Safaricom-led consortium by the Government of Ethiopia, the telco undertook a one-year bridge facility of USD 400Mn to finance the venture. Safaricom says it is currently seeking to term out the bridge facility through a long-term debt arrangement so as to manage the working capital requirements in the short term and minimize the currency risk for the dollar loan.


The Group continued to be a major contributor to the revenues of the Government of Kenya and remitted KShs 62.83Bn in duties, taxes, and license fees for the six months to 30 September 2021. This increased the total duties, taxes, and fees paid since inception to
KShs 978.25Bn.


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