Airtel Africa Reports $755m Profit After Tax

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BY CHINYERE OBIORA, LAGOS – Airtel Africa Plc is basking in the euphoria of reporting about $755 million profit after tax for the full-year financial result ended March 31, 2022.

The amount represents an increase of 82.0 per cent compared with $415 million recorded within the same period in 2021.

By the company’s financial statement in the period under review, its operating profit also grew by 37.2 per cent to $1,535 million in the reported currency from $1,119 million in the preceding year.

Similarly, the telecom giant reported revenue of $4714 million, representing a growth of 20.6 per cent against $3903 million achieved in the preceding year, even as constant currency underlying revenue grew by 23.3 per cent for the year and 19.1 per cent in the fourth quarter.

According to the company, constant currency underlying revenue growth was strong in all regions, adding that Nigeria up by 27.7 per cent, East Africa rose by 22.7 per cent while Francophone Africa grew by 17.2 per cent, and across all key services with revenue invoice up by 15.4 per cent.

With mobile money and data growing by 34.9 per cent and 34.6 per cent respectively, Chief Executive Officer of the company, Segun Ogunsanya on the trading update said; “This is another strong set of results for Airtel Africa, demonstrating our solid execution as we continue to enrich the lives of a growing number of people through leveraging the sizeable opportunity to promote digital and financial inclusion across our markets.

“We have delivered strong double-digit growth in revenues across the all our regions, and all our key services, with improving margins driven by strong cost control, and expanding cash generation”, the Airtel boss said.

He disclosed that the development has enabled the organization to sustain investment in its network and services while also expanding distribution, as well as strengthening the balance sheet and increasing returns to shareholders.

Ogunsanya further said; “We are connecting more customers in new and existing coverage areas and driving usage levels and ARPUs to a new high.

“We have successfully executed on a number of strategic initiatives in the year with tower sales of minority investments secured for our mobile money business and successful buyout of minorities in our Nigeria operation.”

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