Safaricom’s profit after tax rose 72 percent to KSh 50.4 billion in the six months to September 30, 2026, according to unaudited results approved by the board on November 4, 2026. Service revenue grew 13.1 percent to KSh 226.1 billion, with EBITDA up 27.5 percent to KSh 129.2 billion. Kenya drove growth, while Ethiopia’s losses narrowed.
Safaricom’s profit after tax reached KSh 50.35 billion in the first half of the financial year, compared with KSh 29.19 billion a year earlier. Profit attributable to equity holders of the parent was KSh 58.15 billion, and basic earnings per share rose to KSh 1.45 from KSh 1.07. The gap between the two profit figures reflects minority interests in the group’s subsidiaries.
Service revenue rose 13.1 percent to KSh 226.06 billion, while total revenue reached KSh 233.68 billion. EBITDA climbed to KSh 129.18 billion, and operating profit (EBIT) rose 39.8 percent to KSh 91.14 billion. Profit before tax reached KSh 81.33 billion, up from KSh 55.24 billion.
Kenya remains the engine of the group. Service revenue there rose 11.3 percent to KSh 216.0 billion, EBITDA grew 13.3 percent and net income rose 13.8 percent to KSh 66.3 billion. M-PESA revenue increased 13.6 percent to KSh 100.07 billion, and its share of Kenyan service revenue rose to 46.3 percent.
Ethiopia showed the sharpest improvement in its operating performance. Service revenue there rose 71.6 percent to KSh 10.6 billion, and losses before interest, tax, depreciation and amortisation declined significantly. The company reported a net loss of KSh 8.8 billion for the Ethiopian business, which it said was 43.2 percent narrower than a year earlier.
Safaricom also contributed heavily to government revenue. It paid KSh 75.15 billion in duties, taxes and licence fees during the period, bringing its cumulative contribution since inception to KSh 1.62 trillion.
Capital spending eased. Group capital expenditure fell to KSh 40.3 billion in the half-year from KSh 43.7 billion a year earlier. Kenya’s capex rose slightly to KSh 35.3 billion, while Ethiopia’s fell to KSh 5.0 billion from KSh 9.5 billion as the company maximised its existing network.
Shareholders also received more cash. Dividends paid totalled KSh 45.56 billion in the period, up from KSh 26.33 billion a year earlier. Borrowings rose to KSh 45.64 billion from KSh 25.54 billion at the end of March 2026, and the company said it had changed its accounting treatment of deferred SIM costs and connection revenue under IFRS 15.
Chairman Adil Arshed Khawaja and Group CEO Peter Ndegwa said the company would continue its transition into a purpose-led technology company, while scaling Ethiopia and accelerating its digital services. Safaricom has described its growth as coming from a mix of connectivity, M-PESA and newer digital offerings.
The next signals will be the full-year results and any update on when Ethiopia could reach break-even. Investors will also watch how borrowings and dividend payments affect the balance sheet in the second half of the year.
