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Airtel Africa net profit dips to USD133m

28 Oct 2022

Airtel Africa – the African division of Indian telecoms group Bharti Airtel – has reported total quarterly revenues of USD1.31 billion for the three months to end-September 2022, up from USD1.16 billion in the same period of 2021. Revenue from voice services contributed USD616 million to that total whilst data services made up USD446 million, representing increases of 6.5% and 18.4% year-on-year, respectively. EBITDA for the period grew by 13.8% y-o-y to USD641 million and operating profit reached USD446 million, an improvement of 17.5% from the previous year. However, the group recorded a 189% y-o-y increase in net finance costs, from USD71 million to USD206 million which it attributed primarily to foreign exchange and derivative losses, highlighting in particular devaluation impact from the Nigerian Naira and the Central African Franc. As such, net profit for the quarter slipped 17.2% y-o-y to USD133 million.

Total subscriptions grew to 134.7 million as at end-September 2022 from 122.7 million twelve months earlier, including 48.6 million data subscriptions (43.9 million in September 2021), and 29.7 million mobile money subscriptions (23.9 million in September 2021).

Airtel Africa CEO Segun Ogunsanya was quoted as saying of the results: ‘Airtel Africa continued to deliver strong results as its purpose of transforming the lives of people across sub-Saharan Africa through digital and financial inclusion gained further momentum, with growth accelerating in the second quarter. Whilst we are not immune to the current macro-economic challenges and currency devaluation risks, I am pleased to report double-digit reported revenue growth in the period, largely driven by customer growth of 9.7% and ARPU growth of 7.2%, as we increased penetration and usage through our affordable service offerings.’

India, Airtel Africa

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