Safaricom 2023 Sustainable Business Report

33 OUR STAKEHOLDERS KPI SUMMARY OUR MATERIAL TOPICS PATHWAY TO A PURPOSE-LED TECHNOLOGY COMPANY OUR BUSINESS The economic impact of the KSh 311 billion in annual revenue generated from Safaricom’s operations resulted in an estimated KSh 660.9 billion contribution to Kenya’s Gross Domestic Product (GDP). This impact can be separated into a direct impact of KSh 173.2 billion, an indirect impact of KSh 121 billion and an induced impact of KSh 366.7 billion. The total economic impact of Safaricom’s KSh 40.4 billion capital expenditure resulted in a total GDP contribution of KSh 22.9 billion. This GDP impact can be separated into a direct impact of KSh 9.7 billion, an indirect Impact of KSh 3.8 billion and an induced impact of KSh 9.4 billion. The ‘Total Economic Value added’ on the Safaricom True Earnings Bridge only includes the direct and indirect GDP impact associated with Safaricom’s operations and capital expenditure. Each year, a portion of the economic value generated by Safaricom is lost owing to corruption in Kenya. It is important to note that this is not directly connected to Safaricom’s activities, but rather acknowledges the unfortunate reality that not all this value is retained. All financial information can be found in the 2023 Annual Financial Report, including taxes paid and actual direct employment. Both capital and operational expenditure have been processed via the Kenyan national economic impact assessment model, structured to incorporate the economic structure of the communications industry according to the Kenyan Social Accounting Matrix (SAM). JOBS IMPACT Number of jobs sustained 1 013 728 1 135 613 1 003 669 1 159 309 FY23 FY22 FY21 FY20