On Thursday, Safaricom’s share price shot up to nearly touching its all time high of KSh33.50. The stock price reached KSh33.30, a 550% gain in value since lisitng on the Nairobi Securities Exchange in June 2008. The company’s share value increased by 49% in the last twelve months from KSh22.30 on 9th January 2019 to yesterday’s high price of KSh33.30.
The mobile services provider is Kenya’s most profitable company and leading telecommunications firm. The company offers a wide range of services from digital payments, data services, voice and SMS, eCommerce, and mobile banking.
Safaricom is counting on digital payments through its mobile money platform, Mpesa, to drive up revenues in future as voice and SMS revenue growth declines. The company also plans to grow its ecommerce business which is expected to become widespread in the African continent.
Speaking during an interview with the KTN News Channel, the firm’s interim CEO Michael Joseph said that Kenya needs to utilize the many opportunities in the online retail business. The Cheif executive announced that in 2020, they will invest in financial, health, education, and agribusiness services to maintain their lead in the telecommunications sector.
Safaricom has continued to grow its income streams. Recently, it announced a partnership with the Postal Corporation of Kenya to provide digital postal services throughout the country. The firm is also searching for a location tracking and intelligence services provider to partner with in oder to monetize its extensive location data.
Additionally, Safaricom is said to be developing a fund management tool dubbed ‘Mali’ in partnership with a top fund manager in Kenya. The platform is projected to disrupt the asset management industry and bring in huge revenue for Kenya’s most widely used telcommunications company.
Safaricom’s innovative solutions and solid governance structure have contibuted to the firm’s rapid growth in share value in the past 11 years.