Mobile data, money fuel Safaricom high
Kenyan telco Safaricom’s share price is at its highest level in five years, after analysts backed the firm to grow revenues in the year to end-March 2014.
The firm’s shares hit 8.09 shillings (€0.07) by the close of trading in its home market on Friday, as analysts predicted it will cash in on rising mobile data traffic and use of mobile money services. The price is Safaricom’s highest since its shares began trading in 2008, Bloomberg reports.
One analyst predicts Safaricom’s revenue will rise 12% in the year to end-March 2014, and the firm’s margin will exceed the 0.31 shillings paid in the recent financial year.