As Chairman of the Board of Safaricom, it is my great pleasure to present to you our ninth Sustainable Business Report. The theme of this report is ‘resilience through transition’ and, as the report describes, the fundamentals of our business were tested during the reporting period. Early in the year, we were tested by an unexpected leadership transition when our CEO, Bob Collymore, suddenly and sadly passed away. We are being tested now, at the close of the year, by the global health emergency created by the COVID-19 pandemic.
We had expected the economy to recover during the year, but the economic turnaround did not materialise and, even before the pandemic reached Kenya in early 2020, we were facing the economic headwinds of rising costs, reduced consumer spending power and slowing economic growth. Against this challenging economic backdrop, we had to rely on the strong foundations of the company as we sought to rebuild customer trust and win back market share.
While the full impact of the pandemic will only become apparent in the next financial year, we have risen to the challenges we have had to confront during the period under review and I am satisfied with how resilient we have proven to be.