Safaricom Cuts Ethiopia Losses

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Safaricom Plc has reduced its losses in Ethiopia to 13.3 billion shillings in the six months ending September, down from 28.2 billion a year earlier, as its customer base nearly doubled to 11.1 million. Group net income rose 52%  to 42.8 billion shillings, driven by growth in Kenya and Ethiopia. CEO Peter Ndegwa said the market holds major potential despite currency challenges. Safaricom expects profitability in Ethiopia by fiscal year 2027.