Approximately one million jobs have been maintained in the last financial year, the highest since 2016, meaning a rise of nine percent by Safaricom, the 2019 Sustainable Business Report.
Safaricom contributes 11 percent increase in the company’s contribution to the economy, hitting Kshs 601 billion, supported the 979,000 jobs which is 9.6 times the profit earned in the previous financial year ending on March 31, 2019.
The company revealed to have generated 979,000 from 897,372 in 2018, both directly and indirectly. Safaricom had 187,756 staff out of this.
“The real value evaluation indicates that the value generated in March 2019 for Kenyan culture was Sh601 billion, 10.7 percent of the contribution produced in the same period ending 2018,” read portion of the study.
The 8th study, which focused on the 10th Sustainable Development Goal Reducing Inequalities, showed how the company uses a viable business model to tackle the requirements of society and extends beyond the economic results of the company to provide a more intimate and precise business description.
”Our company continues to contribute to the successful improvement of Kenyans ‘ quality of life across the nation, generating sustainable livelihoods, and providing a broad variety of products, services, and projects that help companies and families,” said Stephen Chege, Chief Corporate Affairs Officer of Safaricom.
The economic value in gaining shareholders rose from Ksh 55.28 billion to Ksh 62.49 billion, while social externalities rose by Ksh200 billion through M-Pesa, employment, and social investment.
The gigantic telco business also increased its spending on products and services from Kshs1.9 billion to Ksh 2.4 billion after continued focus on raising the number of disabled individuals within Safaricom and increasing the amount of women-owned women-led companies within the supply chain of the business.
“As our company nature has developed over the past 18 years, so is our strategy to the company. We concentrated on the Shared Value theme last year and highlighted how we continued to expand our company strategy to produce higher returns for a wider spectrum of stakeholders. Building on this theme, in 2019 we implemented a more sophisticated strategy to our sustainability agenda, concentrating on operations directed at decreasing inequalities as envisaged by Sustainable Development Goal 10, “said Mr. Nicholas Nganga, Chairman of the Board of Directors of Safaricom.
The business listed on the Nairobi Securities Exchange produced a net profit of Sh62.5 billion and a total revenue development of 7.1 percent.