Safaricom, the Green Empire...

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May 09, 2025

Howdy 👋🏿. It's Brian — bringing you the latest edition of our daily newsletter…

Safaricom has for many years been the beacon of Kenya's corporate governance and innovation. The latest figures show that it is now the first company in the region to cross a revenue threshold of US$3 billion. We break down the financial performance…

THE GREEN EMPIRE : Safaricom Hits Record US$3 Billion Revenue Milestone

Safaricom CEO Peter Ndegwa

Safaricom PLC, Kenya's largest Telco, has reported record-breaking annual revenue of KSh 388.7 billion ($3 billion) for the year ending March 31, 2025—marking the first time a company in the region has crossed this threshold.

The growth reflects the success of its five-year transformation strategy to become a fully-fledged technology company, with strong contributions from both its Kenyan operations and the expanding Ethiopian market. Investments of over KSh 18 billion in community-focused initiatives across education, health, the environment, and economic empowerment also played a key role in strengthening its brand and customer loyalty.

Key Financial Highlights:

🟢 M-PESA revenue grew by 15.1% to KSh 161.1 billion.

🟢 Mobile data revenue rose by 16.5% to KSh 78.5 billion.

🟢 Voice revenue increased by 1.8% to KSh 81.9 billion.

🟢 Net income hit KSh 69.8 billion.

🟢 Operating free cash flow surged by 15.8% to KSh148.9 billion.

How Safaricom PLC performed in 2024

MISSED TARGET : Weak Private Sector Blights KRA’s Quota

KRA’s Headquarters

KRA collected KSh 2.112 trillion by April 2025, falling short of its KSh 2.189 trillion target due to a slowdown in private sector activity and weaker imports. Analysts from Ernst & Young (EY) linked this recurring shortfall to unrealistic national budgets and slow progress in expanding the tax base.

Despite challenges, overall revenue grew by 6.1% from the previous year. Domestic and customs revenues posted modest gains, while agency collections exceeded targets by 11.8%. Key export sectors like tea and horticulture saw declines, compounding the impact. KRA remains optimistic as indicators begin to show early signs of recovery. For more details : Read full article here »»»»»

FINANCIAL MISCHIEF: Nairobi County Assembly On the Auditor-General’s Radar

City Hall Nairobi

The Auditor-General has flagged the Nairobi County Assembly for disbursing over KSh 67 million in legal fees without proper procurement records. The report raises concerns over compliance with public finance laws and highlights broader issues in financial management and oversight.

It also reveals pending bills amounting to KSh 513.9 million and excessive spending on salaries beyond legal limits. Additional audit findings include irregular procurement, poorly managed assets, and payroll violations. The Assembly received a qualified opinion on its financial statements, signaling significant gaps in transparency and accountability. Read the full article»»»»»

🟠 Bamburi Cement shares are expected to resume trading today on the Nairobi Securities Exchange, subject to confirmation of the successful completion of the squeeze-out process and final regulatory approvals.

NSE’s Ibuka Program Opens Opportunities for SMEs to Unlock Investment and Financing 

Nairobi Securities Exchange launched the Ibuka Program to help bridge the $19B USD funding gap within the MSME sector. 

kenyanwallstreet.com/nses-ibuka-program-opens-opportunities-for-smes-to-unlock-investment-and-financing

NSE Launches EmpowerHER Patrons Circle to Champion Gender Inclusion in Capital Markets

The Nairobi Securities Exchange Plc (NSE) proudly unveiled the NSE EmpowerHER Patrons Circle, a dynamic leadership and advocacy platform

kenyanwallstreet.com/nse-launches-empowerher-patrons-circle-to-champion-gender-inclusion-in-capital-markets

Today's NSE Gainers and Losers

Source : NSE

Court Affirms Brew Bistro's Ownership of Fortis Towers Rooftop

A court ruling has affirmed that Brew Bistro's parent company, Five Breweries Ltd., is the lawful owner of the rooftop space of Fortis Towers.

kenyanwallstreet.com/court-affirms-brew-bistros-ownership-of-fortis-towers-rooftop

Wage Growth Outpaces Inflation as Kenya's Labour Market Adds 782,000

labour market in Kenya expanded in 2024 with the creation of 782,300 new jobs, according to provisional data from the Economic Survey 2025.

kenyanwallstreet.com/kenyas-labour-market-expands-2024-informal-sector-wages

Government Rakes in KSh 154 Bn from Mining Licences

The issuance of mining licenses accounted for the largest share of income to the sector, contributing KSh 154 Billion of KSh 223.6 billion

kenyanwallstreet.com/government-rakes-in-ksh-154-bn-from-mining-licences

Kenya’s GDP Growth Slows to Weakest Pace Since 2013

Kenya’s economy expanded by 4.7% in 2024, from 5.7% in 2023, as headwinds, tight financial conditions, and easing post-pandemic momentum

kenyanwallstreet.com/kenyas-gdp-growth-slows-to-weakest-pace-since-2013

Opinion & Commentary 

Empowered Employees Are the Real Cybersecurity Superpower – Not a Liability

It's time to retire the tired narrative that employees are the “weakest link” in cybersecurity. They're simply the most frequently targeted.

kenyanwallstreet.com/empowered-employees-are-the-real-cybersecurity-superpower-not-a-liability

On your watchlist

Yesterday's Poll Results

Do you believe Kenya’s economy is on the right track despite the slowdown to 4.7% GDP growth in 2024?

🟨🟨🟨⬜️⬜️⬜️ Yes (32%)

🟩🟩🟩🟩🟩🟩 No (68%)

❝

It's very hard to fail completely if you aim high enough

~ Larry Page

Keep up with what’s happening on our X and LinkedIn pages. Stay updated with the latest financial news on our website The Kenyan Wall Street.