Airtel Africa has released its nine months’ financial statement for the year ended December 31, 2021, where it recorded $3,492 million revenue growth and an expanded customer base growth of 125.8 million.
The company reported that Nigeria recorded 29.0 per cent; East Africa, 24.4 per cent and Francophone Africa, 19.0 per cent.
Its revenue across all key services in voice was up 16.1 per cent, and in data and mobile money both up 37.2 per cent.
According to the statement, the company which offers telecoms services in 14 African countries, recorded strong growth across all key metrics, and would unlock further mobile money opportunity, given the payment service bank (PSB) approval in principle that it got from Nigeria.
According to the statement, underlying earnings before interest, taxes, depreciation, and amortisation (EBITDA) was $1,703 million, growing by 31.3 per cent in reported currency with an EBITDA margin of 48.8 per cent, an increase of 326 basis points led by both revenue growth and improved operational efficiencies.
Operating profit grew by 43.1 per cent to $1,146 million in reported currency.
Profit after tax almost doubled to $514 million as higher profit before tax more than offset associated tax charges.
Basic earnings per share (EPS) before exceptional items increased to 11.5 cents, up from 5.0 cents in the previous period.
Operating free cash flow grew by 42.2 per cent to $1,271 million and net cash generated from operating activities was up 23.1per cent to $1,499 million.
The customer base expanded to 125.8 million, growing by 5.8 per cent, with increased penetration across mobile data and mobile money services.
The statement however said that customer base growth was affected by the NIN/SIM regulations in Nigeria but returned to growth in the region in the third quarter, excluding Nigeria where the customer base grew by 12.0 per cent.
Commenting on the trade update within the period, the chief executive officer of Airtel Africa, Mr. Segun Ogunsanya, said: “A strong third quarter has contributed to a pleasing nine-month financial performance across all key metrics.
“Operationally we have continued to execute on our network and distribution expansion plans, driving continued strong growth in ARPUs across voice, data and mobile money. We have also seen further improvement in our customer growth trends for the group with Nigeria returning to strong customer growth after a period affected by the implementation of new ‘know your customer’ requirements, posting 1.9 million net additions in the third quarter, taking total Group customer additions to 3.1 million.
“I am particularly pleased with developments in Nigeria, where in November we received approval in principle for both a payment service bank (mobile money) licence and a super-agent licence.
“We are now working closely with the Central Bank of Nigeria to meet all its conditions to receive the final operating licences and commence operations.
“This will enable us to expand our digital financial products and reach the millions of Nigerians that do not have access to traditional financial services.
“Our sustained investments in both network and distribution expansion will help to ensure that both the communities and economies across our footprint will continue to benefit from increased and affordable connectivity and financial inclusion.
“We are committed to continue to improve the delivery of our services to our customers, with sustainability at the heart of our continued purpose to transform lives across Africa.”
