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Airtel Africa Records Double-digit Revenue Growth As Nigeria Leads With 18%

Leave a comment | | August 1, 2022 2:25 pm

Airtel Africa which operates in 14 African countries, Nigeria inclusive has released its financial results for the quarter ended June 30, 2022, where it recorded double digit revenue growth with progressive margin and earnings.

According to the financial statement, Airtel Africa’s revenue grew by 13 per cent in reported currency to $1,257 million.Total revenues for mobile services and mobile money services combined grew in Nigeria by 18.3 per cent per cent, which was the highest.In East Africa, it grew by 14.1 per cent and in Francophone Africa by 11.7 per cent.

Revenue growth in constant currency was posted across all four reporting segments. Mobile Services revenue in Nigeria grew by 18.3 per cent and across the Group by 14.2 per cent, with voice revenue up by 11.3 per cent and data revenue up by 19.8 per cent. Mobile Money revenue grew by 26.5 per cent, driven by growth of 26.9 per cent in East Africa and 25.4 per cent in Francophone Africa.

Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) grew by 14.9 per cent to $614 million in reported currency.The EBITDA margin was 48.8 per cent, which was an increase of 78 basis points in reported currency and 52 basis points in constant currency.

Operating profit grew by 20.6 per cent to $425 million in reported currency, while its profit after tax grew by 25.3 per cent to $178 million.Operating free cash flow grew by 10.3 per cent to $473 million, while net cash generated from operating activities reduced by 13.2 per cent to $388 million, mainly due to increased cash tax payments from both higher taxes on declared dividends and increased taxable profits.

It’s total customer base increased to 131.6 million, up 8.9 per cent, with increased penetration across mobile data and mobile money services.Speaking on the trading update for the quarter ended June 30, 2022, the Group Chief Executive Officer of Airtel Africa, Mr. Segun Ogunsanya, said: “I am pleased to report that the Group has continued to post double-digit revenue growth, margin improvement and strong earnings growth.

I am also particularly pleased with our ongoing strengthening of the balance sheet which continued after the period ended, with early repayment of $450 million of debt at Group level.

“As we flagged in our full year announcement, this quarter we have faced headwinds from outbound voice call barring for customers who had not yet registered their National Identification Numbers in Nigeria and the loss of site sharing revenue in those OpCos where we recently sold towers.

“Inflation is also having an impact on our cost base, particularly on energy costs, but our continued efficiency drives have ensured that we have still been able to increase our margins, albeit at a slightly slower rate.”

He further said: “After receiving the Payment Service Bank licence in Nigeria just a few months ago, it is a testament to our prior preparation that we have already managed to launch our mobile money operations in a few select locations without any operational issues. We are excited by the commercial developments and opportunities here.

“We also continued to invest for growth and have made a couple of major additional spectrum acquisitions recently in the DRC and Kenya in anticipation of continued strong data demand growth in these markets.“We will continue to target growth ahead of the market this year and, despite inflationary pressures, our continued focus on cost efficiencies should also support margin resilience.

“Longer term, the opportunities for sustainable profitable growth stemming from our underpenetrated markets for each of mobile voice, data and mobile money services remain hugely attractive, and we are confident of continuing to deliver on our growth strategy.”

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