- Kenyan unit’s operating profit jumps 20% to $1 billion
Ethiopia unit post operating loss in first full operation year
Safaricom Group Plc reported lower-than-expected annual profit after the Kenyan telecommunications giant’s unit in neighboring Ethiopia booked losses in its first full year of operations.
Net income rose 1.2% to 62.99 billion shillings ($479.2 million) in the year through March 31, the Nairobi-based company said in a statement Thursday, missing the 67.6 billion-shilling median estimate by analysts in a Bloomberg survey. Its Kenyan unit reported $1.07 billion in operating profit, the first time that the measure exceeded the billion-dollar mark.
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