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Presenting a half-year performance report in Nairobi earlier this week, Safaricom CEO Peter Ndegwa revealed the group’s Ethiopia unit registered close to 16 billion Birr in losses between March and September.
The executives of Safaricom say they are looking to break even on their Ethiopian venture some time in 2027, reporting that Safaricom Telecommunications Ethiopia PLC saw its losses narrow by more than half in the six months leading up to September.
Presenting a half-year performance report in Nairobi earlier this week, Safaricom CEO Peter Ndegwa revealed the group’s Ethiopia unit registered close to 16 billion Birr in losses between March and September.
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The figure is 53 percent lower than the losses Safaricom Ethiopia suffered during the same period last year. The firm has yet to turn a profit since it acquired Ethiopia’s first-ever private telecom operator’s license in May 2021 for an USD 850 million fee. However, Ndegwa says its parent company in Nairobi is optimistic about future prospects.
