Safaricom Half-Year Profit Jumps on Ethiopian Loss Reduction
Safaricom reported a significant increase in half-year profits driven by strong Kenyan service revenue and narrowing losses at its Ethiopian subsidiary.
The Safaricom Group reported a substantial increase in profit after tax for the six months ending September 30, 2026, with figures ranging from KES 50.35 billion to KES 58.2 billion across reports. This growth was fueled by steady performance in Kenya and a significant reduction in losses from its Ethiopian operations, where the EBITDA loss shrank by 96.5% to KES 434.4 million.
In Kenya, service revenue rose 11.3% to KES 215.96 billion. The M-PESA ecosystem remained a primary driver, crossing KES 100 billion in half-year revenue. Specifically, the Fuliza overdraft service saw revenue jump 86% to KES 4.9 billion as its borrower base nearly doubled to 17.2 million, although the average amount borrowed per user fell 24.6% to KES 192.
Safaricom Ethiopia saw service revenue increase 71.6% to KES 10.62 billion, though the unit remains unprofitable with a net loss of KES 8.8 billion. To support dividend payments and investing activities, the company's current borrowings rose to KES 45.65 billion, contributing to total liabilities of KES 337.48 billion. The company also expanded its financial offerings by launching the ZIIDI Shari’ah Money Market Fund on M-PESA.
