At Safaricom’s 16th annual general meeting, shareholders approved a substantial final dividend of $189 million (KES 26.04 billion) for the financial year ending March 31, 2024. This approval reflects a final dividend of KES 0.65 per share, following an interim dividend of KES 0.55 per share paid in March 2024. The total dividend distribution for the year amounts to KES 1.20 per share, or $367 million (KES 48.08 billion).
Peter Ndegwa, Safaricom PLC Group CEO, highlighted the company’s impressive financial performance during the year. Safaricom achieved significant growth, reporting earnings exceeding USD 1 billion before tax and interest in its Kenyan operations alone. This milestone makes Safaricom the first company in Eastern Africa to reach this landmark figure.
The final dividend is scheduled to be payable on or about August 31, 2024, to shareholders on the register of members as of July 31, 2024. Adil Khawaja, Chairman of the Board, praised the company’s resilience and strategic execution, which enabled Safaricom to deliver a strong financial performance despite challenges such as startup losses in Ethiopia.
Khawaja emphasized that the dividend payout mirrors last year’s despite a challenging economic environment marked by high interest rates, inflation, and currency fluctuations. The company’s ability to maintain this level of dividend distribution underscores its effective strategy and commitment to providing value to its shareholders and customers.
The year was notable for Safaricom’s robust financial growth amidst an economic landscape impacted by various external factors. The company’s performance highlights its resilience and strategic focus in navigating these challenges.
Overall, Safaricom’s successful financial year and substantial dividend distribution reflect its continued strength and dedication to shareholder value and operational excellence.
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