Safaricom’s $150 Million Capital Raise in Ethiopia to Test Young Markets

• Safaricom reports KES 139.9 billion EBIT, marking a historic milestone as the first East African firm to exceed $1 billion in annual earnings.
• Plans for a $100-150 million capital raise in Ethiopia to support expansion and test the country’s nascent capital markets.

Safaricom, Kenya’s leading telecommunications company, has achieved a historic milestone by becoming the first East African firm to exceed $1 billion in annual earnings. Known for its highly successful mobile money platform, M-PESA, Safaricom recently reported impressive earnings before interest and tax (EBIT) of KES 139.9 billion (approximately $1.06 billion) for the fiscal year ending March 31, 2024.