Safaricom sees 9 million subscribers by March

NAIROBI – Kenya’s leading mobile phone firm expects profit this year to be in line with last year and is targeting nine million subscribers by the end of March from 7,3 million now, its head said on Friday.

Safaricom, jointly owned by Kenya’s government and Britain’s Vodafone , posted pre-tax profit of 17,19 billion shillings (US$258,6 million) in the year to March 31, the highest posted by any company in the east African country. “We expect this year to be as good as, if not better, than last year,” Chief Executive Officer Michael Joseph told Reuters in an interview.”We have 7,3 million subscribers right now, and we will be over nine million by the end of our financial year.That’s our target.”Joseph said he was confident the operator would maintain its lead and expand market share despite the planned entry of a third mobile firm in 2008.South Africa-based Econet Wireless, whose licence for a third mobile firm was cancelled by Kenya’s telecoms regulator due to wrangling with local shareholders, has now received the green light to start operations provided it brings on board new shareholders in about a month’s time.Econet has asked the regulator to allow number portability, which allows subscribers to keep their numbers when they migrate to another network, so that its venture can be viable.Nampa-Reuters”We expect this year to be as good as, if not better, than last year,” Chief Executive Officer Michael Joseph told Reuters in an interview.”We have 7,3 million subscribers right now, and we will be over nine million by the end of our financial year.That’s our target.”Joseph said he was confident the operator would maintain its lead and expand market share despite the planned entry of a third mobile firm in 2008.South Africa-based Econet Wireless, whose licence for a third mobile firm was cancelled by Kenya’s telecoms regulator due to wrangling with local shareholders, has now received the green light to start operations provided it brings on board new shareholders in about a month’s time.Econet has asked the regulator to allow number portability, which allows subscribers to keep their numbers when they migrate to another network, so that its venture can be viable.Nampa-Reuters