Airtel Africa’s profit rises by 148.7%



Airtel Africa Plc has recorded revenue of $1.112 billion for the first quarter financial year ended June 30, 2021.

The amount represents a growth of 30.7 per cent compared with $851 million reported in the same period of 2020.

The company’s unaudited result showed that it recorded strong revenue growth across all regions, growing by 38.2 per cent in Nigeria while revenue from East Africa and Francophone Africa up by 32.8 per cent and 24.9 per cent respectively.

The analysis of the company result submitted at the Nigerian Exchange (NGX)revealed that profit before tax surged by 132.4 per cent to $259 million against $111 million achieved in the same period of last year while profit after tax jumped by 148.7 per cent to $ 142 milliion from $57 million reported in the preceding year.

The growth in post Profit according to the company was largely due to the higher operating profits along with stable net finance costs which more than offset the increase in tax charges because of increased profit.

The result further showed that customer base grew by 8.4 per cent to $120.8 million , with increased penetration across mobile data, which increased by 14.8 per cent while mobile money services customer base up by 24.6 per cent.

The company said that slowdown in customer base growth was due to new SIM registration regulations in Nigeria, adding that with exclusion of Nigeria, customer base increased by 15.9 per cent.

Commenting on the result, Chief Executive Officer of Airtel Africa, Raghunath Mandava said “Our first quarter 2021 results have been very strong, with reported growth of 30.7 per cent in revenue and 42.4 per cent in underlying EBITDA, with constant currency growth of 33.1 per cent and 46.2 per cent respectively. First Quarter of 2020 was impacted by the start of Covid 19, but even after adjusting for these effects, our first quarter 2022 revenue growth rates for the group, service segments and reporting regions were all ahead of fourth quarter 2021 trends.

“We have posted strong double digit growth across voice 26.0 per cent , data 37.4 per cent and Mobile Money 53.7 per cent and across all our regions.