Safaricom Plc, Kenya’s biggest company by market value, reported higher profit in the first half even as a tough macroeconomic environment in its home market and expansion costs in Ethiopia ate into the bottom line.

Net income rose 2.1% to 34.2 billion shillings ($225 million) in the six months through September from a year earlier, Chief Executive Officer Peter Ndegwa told investors on Thursday.

Kenyan consumers are being constrained by rising taxation and high inflation in a relatively weak economy. Safaricom’s shares have plunged 48% so far this year, making the stock the fourth-worst performer on the Nairobi Securities Exchange.