Airtel Africa Q3 revenue up 13.8%; profit down 21.1%

Airtel Africa has reported Q3’21 revenue at $2,870 million, up 13.8% whereas profit after tax at $261million, down 21.1%.
In terms of constant currency underlying revenue growth was 18.6%, with Q3’21 growth of 22.8%. Growth for the nine months was recorded across all regions – Nigeria up 21.6%, East Africa up 23.4% and Francophone Africa up 8%; and across all services, with voice revenue up 10.4%, data up 31.1% and mobile money up 34.2%.

Customer base was up 11% to 118.9 million, with increased penetration across mobile data (customer base up 23.5%) and mobile money services (customer base up 29.0%). 2.5 million customers were added in Q3’21.

Raghunath Mandava, chief executive officer said, “Our nine-month performance reflects both the resilience of our business model through the COVID-19 pandemic and for the last six months, a continued improvement in our execution and performance as lockdown restrictions have eased across our countries of operation. I am particularly pleased with our performance in the latest third quarter, which has demonstrated accelerated growth in both revenue and underlying EBITDA in constant currency to 22.8% and 28.3% respectively.”

“Our performance improvement is evident across the business. Regionally, I am pleased to see that the continued strong revenue growth in Nigeria and East Africa, growing 21.6% and 23.4% in constant currency, is increasingly being matched by improvements across Francophone Africa, posting 8.0% growth for the period and 15.0% in Q3. Our rollout into rural markets, along with robust customer growth, helped voice grow 10%, while data and mobile money continued to be growth engines, with over 30% growth,” commented Mandava.

The opportunities for sustainable profitable growth from our underpenetrated markets for both mobile and mobile money services remain hugely attractive, and we are confident of continuing to deliver on our growth strategy, added Mandava.

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