Telecom

Safaricom’s Half-Year Profit Drops to $218 Million Amid Ethiopian Currency Challenges

Safaricom Plc, Kenya’s largest company by market value, reported an 18% decline in its half-year profit due to the devaluation of the Ethiopian currency, the birr. This depreciation has impacted Safaricom’s operations and bottom line in Ethiopia, resulting in a net income drop to $218 million for the period ending in September 2024, down from