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Safaricom expects return to earnings growth after pandemic hit

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Safaricom (SCOM.NR), Kenya's biggest telecoms operator, expects core earnings to return to growth this year after the coronavirus crisis hit revenue from financial services and calls in the year to the end of March.

, expects earnings before interest and taxes to rise to 105 billion shillings and 108 billion shillings in the year to the end of March 2022.

Earnings before interest and taxes fell 5.3% to 96.2 billion shillings in its year to the end of March, mainly due to a drop in revenue from M-Pesa and calls. The 96.2 billion shillings in EBIT was ahead of initial guidance of 91-94 billion shillings issued last November.

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