Safaricom a major player in the telecommunication industry reported a loss of over 20% compared to last year.
Safaricom group chairman adil khawanja ascribed the downturn to difficulties brought by, among other things by the Russia- Ukraine war and the 2022 general election . Ethiopia continuous to be safaricom’s largest expence , accounting for the majority of the telco”s funding
Despite the difficult operating environment characterized by geopolitics with the Russia -ukraine war,the Kenyan general elections in 2022,macroeconomic difficulties,and a drought that has restricted consumers ’purchasing power, we are pleased with our performance in FY23,Khawaja remarked .
We’re dedicated to keeping up our investment in our network infrastructure, expanding our product line,and utilizing emerging technologies to strengthen our presence in the digital ecosystem.our sustainable business and social responsibility program,which is centered on healthcare,education ,economic empowerment ,the environment and lowering our carbon footprint will olso continue to be deepened ,said group CEO peter Ndegwa.
By Dorax Moraa