Safaricom to Add 2000 4G Stations as Shareholders Approve Largest Dividend Payout

Safaricom interim CEO Michael Joseph and Chairman Nicholas Nganga

Safaricom interim CEO Michael Joseph and Chairman Nicholas Nganga

Safaricom shareholders have approved KES 74.92 billion dividend payout for the FY that ended in March 31, 2019. This one of the telco’s biggest payout, following the operator’s equally impressive performance in the same FY that saw the corporation register a 7 percent revenue jump YoY (to KES 240.3 billion) and a net income of KES 63.4 billion.

The payout was made official at Safaricom’s AGM at the Bomas of Kenya. The meet saw the approval of a special dividend of KES 0.62 per share, amounting to KES 24.84 billion and a final ordinary dividend of KES 1.25 per share that adds up to KES 50.08 billion. The overall dividend to be paid out is KES 1.87 per share.

“I am proud that the company has consistently paid out an increased dividend to shareholders since going public in 2008 and we have now paid out more than the KES 5 that the investors spent buying the shares,” said, Michael Joseph, CEO Safaricom.

Besides making a lot of people very rich, Safaricom plans to expand its internet services availability by spending KES 36 billion this FY. The funds will see the carrier add 2030 4G and 4G+ stations to an already impressive coverage.

“Part of the reason we want to rollout in more areas is to ensure that, beyond the numbers we will get, we carry everyone along in providing access to affordable, quality, high-speed broadband,” said Michael Joseph.

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Kenn Abuya is a friend of technology, with bias in enterprise and mobile tech. Share your thoughts, tips and hate mail at [email protected]


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