Airtel Africa Plc, the leading telecommunications provider, has posted a net profit of $514 million for the 9-month period ended 2021, marking a 97.3% increase from the $261 million recorded in the same period of 2020.
According to its unaudited financial report, group revenue surged by 22.5% from $2.85 billion in 2020 to $3.49 billion in the current period, driven by growth across all business segments.
Strong Growth Across Segments and Regions
Operating profit rose by 43%, from $800 million to $1.15 billion, underscoring the company’s improved operational efficiency. In Q4 2021 alone, revenue grew 17.9% to $1.22 billion, while profit after tax hit $180 million, up from $116.6 million in Q4 2020.
Voice, data, and mobile money services saw double-digit growth:
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Voice revenue: +16.1%
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Data revenue: +37.2%
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Mobile services: +22.0%
Nigeria Remains Key Market
Nigeria accounted for 39% of Airtel Africa’s total revenue, with revenue growing 21.3% from $1.13 billion to $1.37 billion. Notably, data revenue in Nigeria surged 44.5%, highlighting increased mobile internet usage.
However, the Nigerian customer base fell by 2 million, attributed to the government’s Know-Your-Customer (KYC) policy which led to a temporary suspension of new SIM activations.
CEO Reaffirms Commitment to Growth
Segun Ogunsanya, CEO of Airtel Nigeria, stated:
“We have returned to strong customer growth in Nigeria and continue to invest in expanding our network to deepen digital and financial inclusion across Africa.”
Airtel Africa’s customer base reached 125.8 million, and its stock last traded at N1,271 per share, with a market cap of N4.78 trillion, reflecting a 33.09% year-to-date gain.
