June 22, 2017

Safaricom makes major announcement on dividends, Bob Collymore

The Safaricom board has on Wednesday (10/05/17) extended the contract of Bob Collymore as chief executive officer for another two years.

His contract was due to expire in August after it was extended for another two years in May 2015.

According to the board’s Chairman Nicholas Ng’ang’a, the decision was reached so as to help steer the company on a growth trajectory.

“He has successfully navigated the company through very difficult times,” Ng’ang’a said.

The extension means Collymore will be at Safaricom until August 2019.

Safaricom continued to be one of East Africa’s most profitable company, posting a full year net profit of Sh45 billion.

Total revenue for the year stood at Sh212 billion, with revenue from its mobile money transfer service (M-Pesa) becoming the second largest contributor with Sh55 billion.

Voice revenue contributed Sh93.4 billion to the bottom line while data added a further Sh29.3 billion.

The Safaricom CEO indicated that the potential for future growth remains immense, with firm likely to continue investing in tech solutions to woo more customers.

“We have added three million customers on our network in the past 12 months and if you get that customer growth that is a big driver for it. We wanted to focus on customers, get the right products and services and increase our operational excellence,” Collymore stated.

Following the release of their results, the Safaricom board proposed a Sh0.97 dividend per share, subject to shareholder approval.

From 1993, Collymore worked in various positions in the telecommunications industry in the UK, including work for Cellnet, Dixons Retail and Vodafone UK .

In 2003 he moved to Japan to manage the integration of J-Phone into the Vodafone Group .

In 2006 he became the governance director for Africa at Vodafone and subsidiary Safaricom .

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