Airtel Africa Plc Reports 21.3% Growth in Revenue

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CEM REPORT | Airtel Africa Plc has grown its revenue from $3.89 billion in 2021 to $4.71 billion in the current period representing a 21.3% growth as contained in its Full Year Audited Financial Statement released Wednesday.

According to the report, constant currency underlying revenue growth was strong in all regions: Nigeria up 27.7%, East Africa up 22.7% and Francophone Africa up 17.2%; and across all key services, with revenue in Voice up 15.4%, Data up 34.6% and Mobile Money up 34.9%.

Net profit for the full year period appreciated significantly by 82% from $451 million in 2021 to $755 million.

Earnings per share EPS of the Company stands at 16.8 cents, up by 86.5% from the EPS of 9 cents reported the previous year, while final dividend of 3 cents per share was recommended in addition to an interim dividend of 2 cents, making total dividends of 5 cents. Total dividend pay out the previous year was 4 cents.

Airtel Africa Plc is a public limited company, incorporated on July 12, 2018 as a private company limited by shares in the United Kingdom and re-registered as a public limited company on June 13, 2019 with its registered office situated in England and Wales.

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Airtel is a leading provider of telecommunications and mobile money services with presence in 14 African countries, primarily in East, Central, and West Africa. The company offers an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally. Airtel also offers traditional mobile voice services, with focus on data and non-voice services through the expansion of its 3G and 4G networks.

In Nigeria, Airtel revenue grew by 21% from $1.55 billion in the corresponding period of 2021 to $1.88 billion, as Data revenue growth continued to be a key driver of growth in Nigeria, growing by 33.7%.

Net growth of 2.4 million customers was recorded over the full year, despite being affected by the NIN-SIM linkage regulations in the first half of the year, there was recovery in the second half as 4 million customers were added to the existing customers.

Airtel Africa Plc is listed on the Nigerian Stock Exchange (NGX) since July 9th, 2019. Airtel Africa Plc is currently the second most valuable stock on the NGX with a market capitalization of NGN 5.26 trillion, which makes about 18.5% of the entire Nigerian Stock Exchange equity market.

The Chief Executive Officer of Airtel Nigeria, Segun Ogunsanya, commented on the Full-Year result saying, “We have delivered strong double-digit growth in revenues across all our regions and all our key services, with improving margins driven by strong cost control, and expanding cash generation which is enabling us to continue to invest in our network and services and expand our distribution, as well as strengthening our balance sheet and increasing our returns to shareholders. We are connecting more customers in new and existing coverage areas and driving usage levels and ARPUs to new highs.”

“We have successfully executed on a number of strategic initiatives in the year, with tower sales completed in four countries, $550m of minority investments secured for our mobile money business and a successful buyout of minorities in our Nigerian operation. Our receipt last month of a full PSB license in Nigeria will help us to accelerate financial inclusion in the territory and drive our mobile money business even faster,” he added.

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