Kenya’s Safaricom lowers full-year core earnings guidance

NAIROBI: Kenya’s biggest telecoms operator Safaricom lowered on Wednesday its full-year forecast for earnings due to its investment in Ethiopia.

The firm, which is part owned by South Africa’s Vodacom and Britain’s Vodafone, expects earnings before interest and taxes (EBIT) to come in at 97-100 billion Kenya shillings ($896.86 million), its Chief Executive, Peter Ndegwa, said.

The group had initially issued a guidance of 105-108 billion shillings. Excluding its investment in Ethiopia, where it plans to launch services mid-next year, the core earnings will be 107-110 billion shillings, Ndegwa said.