Telecom Giant Airtel Africa Grows Profit By 82%
Airtel Africa

Telecom Giant Airtel Africa Grows Profit By 82%

Telecommunication giant Airtel Africa Plc.’s profit before tax grew by 82 per cent to 755 million dollars in the financial year ended March 31, 2022, compared to the corresponding period in the financial year 2021.

The company stated in Lagos on Wednesday in a regulatory filing that the strong growth resulted from margin expansion and a strong cash position in the period.

According to the management, Airtel Africa’s growth performance was driven by strong revenue generated across its voice, data and mobile money businesses in the period.

Detail shows that Airtel Africa’s customer base increased by 8.7 per cent in the financial year under review to 128.4 million as against the 118.2 million posted in the comparable period in 2021.

Meanwhile, its financials show that in constant currency, revenue inched higher by 23.3 per cent for the year with Nigeria topping the trend with a 27.7 per cent increase. READ: Airtel Africa levels Up Earnings, Upgrades Dividend Despite FX Loss

East Africa had a 22.7 per cent increase, while Francophone Africa recorded a 17.2 per cent across all key services. It results show that revenue from voice calls went up by 15.4 per cent; data usage went up by 34.6per cent, while Mobile Money rose by 34.9 per cent.

In the period, Earnings before Interest, Taxes, Depreciation, and Amortisation of 2.311 billion dollars increased by 29 per cent, according to the company’s financial statement.

In the period, operating profit increased by 37.2 per cent to 1.535 million dollars, while profit after tax grew by 82 per cent to 755 million dollars, the company stated. Telecom Giant Airtel Africa Grows Profit By 82%