Table of Contents
Key Points
- Peter Ndegwa earned Ksh252.3 million ($1.95 million) in total compensation for FY 2024, a 19.4% decline from Ksh313.1 million ($2.42 million) in FY 2023.
- Safaricom’s comprehensive income dropped to Ksh35.4 billion ($273.5 million) for 2024, down 43.6% from Ksh62.7 billion ($423 million) the previous year.
- Since becoming CEO in April 2020, Ndegwa has led Safaricom to 25.9% asset growth and a 12.4% increase in revenue, despite an 18.7% profit decline.
Kenyan business executive Peter Ndegwa, CEO of Safaricom Plc, East Africa's leading telecommunications firm and the architect behind the mobile payment platform M-PESA, earned Ksh252.3 million ($1.95 million) in total compensation for the 2024 fiscal year.
This marks a 19.4 percent decline from last year's earnings of Ksh313.1 million ($2.42 million), primarily due to a 31.7 percent drop in the value of share-based awards. Safaricom's total comprehensive income also faced challenges, reporting Ksh35.4 billion ($273.5 million) for 2024, down 43.6 percent from Ksh62.7 billion ($423 million) in 2023.
Breakdown of Peter Ndegwa's compensation
Ndegwa's total compensation for Safaricom's 2024 fiscal year includes a base salary of Ksh94.3 million ($729,083) and a performance-based short-term incentive of Ksh23.9 million ($184,779).
A noteworthy component of his compensation is the long-term incentive award of Ksh134.1 million ($1.04 million), acknowledging his unwavering commitment to Safaricom and his extensive experience in the telecommunications industry.
Financial stability under Peter Ndegwa
Since Peter Ndegwa became CEO in April 2020, Safaricom has achieved financial stability and strategic growth. Total assets increased by 25.9 percent, rising from Ksh509.2 billion ($3.94 billion) to Ksh641.2 billion ($4.96 billion).
Revenues also grew, rising from Ksh310.9 billion ($2.4 billion) in 2023 to Ksh349.5 billion ($2.7 billion) in 2024, a 12.4 percent increase. However, profit fell by 18.7 percent, decreasing from Ksh52.5 billion ($405.9 million) to Ksh42.7 billion ($329.9 million) in the same period.
Ndegwa's stake in Safaricom
Ndegwa holds a minority stake in Safaricom, owning about 0.016 percent, or 6,208,543 shares. His leadership is crucial as the company navigates the evolving telecommunications landscape, demonstrating resilience and strategic foresight that position Safaricom for future success.
As Ndegwa and his team aim to seize emerging opportunities in the East African market, his experience and commitment to innovation will be key to advancing Safaricom’s mission of enhancing digital access and financial inclusion in the region.
