Airtel Africa reports revenue growth of $3.49 million for 2021

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Airtel Africa Plc reported revenue growth of $3.49 million for the nine months ended December 31, 2021.

This is contained in a statement by the Managing Director, Mr. Segun Ogunsanya.

Ogunsanya said revenue was up 21.7% from the $2.87 million recorded in the comparative period of 2020.

He said the result has been the effective execution of the company’s strategy across all of its regional segments and key services.

Ogunsanya said underlying revenues in constant currency increased by 24.8%, revenues in Nigeria increased by 29.0%, East Africa by 24.4% and Francophone Africa by 19.0%.

“We continued our strong double-digit growth across all key services: our voice revenue increased by 16.1%, and data and mobile money revenue increased by 37.2% and other revenue by 22. .0%.

“As a result, mobile service revenues increased by 23.3% in constant currency (20.7% in reported currency) and mobile money service revenues increased by 37.2% (39.6% in reported currency). reported currency).

He said the constant currency year-over-year revenue growth rate for Q3’21 of 20.0% was lower than the nine-month growth rate of 24.8%, mainly due to weaker comparisons to the first quarter of the previous year during the peak period. COVID-19 restrictions in the region.

“A solid third quarter contributed to a satisfactory nine-month financial performance for all key indicators.

“Operationally, we continued to execute on our network and distribution expansion plans, driving continued strong ARPU growth for voice, data and mobile money.

“We also saw further improvement in customer growth trends for the Group, with Nigeria returning to strong customer growth after a period affected by the implementation of ‘know your customer’ requirements, posting 1, 9 million net additions in the third quarter, bringing the Group’s total customer additions to 3.1 million.

“I am particularly pleased with the developments in Nigeria, when in November we received approval in principle for a payment services bank license (mobile money) and a super-agent license.

“We are now working closely with the Central Bank to fulfill all its conditions in order to receive the final operating licenses and begin operations.

“This will allow us to expand our digital financial products and reach the millions of Nigerians who lack access to traditional financial services.

“We have continued to strengthen our balance sheet, with a leverage ratio now at 1.4x underlying EBITDA, thanks to both the continued increase in operating cash flow generation and more $550 million in cash from minority investments in our mobile money business,” he said.

Ogunsanya added that the company will continue to invest in expanding and evolving its platform to further deepen financial and digital inclusion across Africa.

“I continue to see huge growth potential in voice, data and mobile money and our strategy takes this opportunity into account.

“Our continued investments in network and distribution expansion will help ensure that communities and economies across our footprint continue to benefit from increased and affordable connectivity and financial inclusion.

“We are committed to continuing to improve the delivery of our services to our clients, with sustainability being at the heart of our continued goal to transform lives across Africa.

“Net finance costs were lower than in the prior period, due to lower foreign exchange losses.

“The increase in tax expense of $129 million is due to higher operating profit and withholding tax on dividends from subsidiaries, as the prior period also benefited from tax credit recognition deferred by $14 million,” he said. NOPE