Safaricom CEO Peter Ndegwa.

Safaricom shareholders approved $189 million (KES 26.04 billion) final dividend at their 16th annual general meeting for the financial year ending March 31, 2024.

Shareholders voted a final dividend of KES 0.65 per share, totalling $189 million (KES 26.04 billion).

Following an interim dividend of KES 0.55 per share, totalling KES 22.04 billion, paid in March 2024, the total dividend distribution for the year is KES 1.20 per share, or $367 million (KES 48.08 billion).

Peter Ndegwa, Safaricom PLC Group CEO, said: “In the financial year under review, the business displayed significant resilience in producing outstanding growth in both our top and bottom lines.

“This enabled us to achieve a major milestone, attaining, in our Kenyan business alone, earnings of more than USD1 billion before tax and interest.

He added: “Safaricom is the first company in the Eastern Africa region to attain this landmark number.”

The dividend will be payable on or about 31 August 2024 to the Shareholders on the Register of Members as at the close of business on 31 July 2024.

Adil Khawaja, chairman of the board said: “I am encouraged by the resilience demonstrated to deliver a very strong set of financial results, which enabled us to pay a similar dividend to last year’s despite the startup losses in Ethiopia.

“This success is attributable to strong strategy execution which has once again guided our decisions to deliver for our shareholders while giving more value to our customers.”

While the company delivered a strong financial performance, the year was marked by a challenging economic environment in both Kenya and Ethiopia. High interest rates, inflation, and currency fluctuations impacted disposable income and business