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Safaricom announces 31% increase in net profit

12 May 2014, 17:54 Victor Tinto

Nairobi - Mobile telecom service provider Safaricom has announced a 31% rise in net profit, as the company continues to hit the heights in a struggling industry.

The company posted a net profit of KES 23 billion, up from KES 17 billion the previous year.

CEO Bob Collymore said that the increased revenue and profit was testament that the company had embraced new technology and increased customer service to lift the bar in an industry that has seen other companies struggle.

" We have shown our dedication to raising the bar not just for our customers but also shareholders and to improve the level of communication and services in the country and we are very happy with the results posted, he said.

Safaricom has done well in a year in which other companies have struggled, with YU Essar seeking a sale as well as Telkom Orange.

Collymore said that the company would continue to try lift standards in the industry.

" We will try to continue lifting standards and make life easier and better for our customers, he added.

According to Collymore, increased voice call activity as well as heightened data usage and the world renowned M-Pesa money transfer service were decisive in ensuring the company's profit rose in the last year.

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