ABUJA-(MaraviPost)-The continent’s leading telecommunications and mobile money services provider, Airtel Africa, has registered growth in both revenue and its customer base across the continent.
Airtel Africa operates in 14 countries in East, West, and Central Africa including Malawi.
According to the year-end statement dated September 30, 2023, made available to The Maravi Post, the company’s total customer base grew by 9.7% to 147.7 million, “As the penetration of mobile data and mobile money services
continued to rise, driving a 23.0% increase in data customers to 59.8 million and a 23.1% increase in mobile money
customers to 36.5 million”.
Reads part of the report, “Constant currency ARPU growth of 9.8% was driven by increased usage across voice, data, and mobile money. Mobile money transaction value increased by 45.3% in constant currency, with Q2’24 annualized transaction value of $116bn in reported currency”.
On financial performance, the report says, “Revenue in constant currency grew by 19.7%, with reported currency revenues up by 2.3% to $2,623m. In Q2’24, reported currency revenues declined by 4.7% reflecting a full quarter’s impact of the Nigerian naira devaluation in June 2023. Q2’24 constant currency revenues increased by 19.0%.
“Whilst reported currency revenue growth was impacted by currency devaluation, all segments delivered double-digit
constant currency revenue growth. Across the Group mobile services revenue grew by 18.3% in constant currency,
driven by voice revenue growth of 11.5% and data revenue growth of 28.1%. Mobile money revenue grew by 30.9%
in constant currency.
Airtel Africa Group Chief Executive Officer Olusegun Ogunsanya therefore expressed satisfaction over the strides the company made despite hurdles.
Ogunsanya said the numbers in penetration of data usage and voice services show that customers want to use Airtel telecommunications services.
“I am pleased to report a strong operating performance for the Group despite foreign exchange headwinds in many of our markets. The resilient growth in voice, data, and mobile money usage levels reflects the inherent demand for these essential services across our footprint, and our six-pillar ‘win-with’ strategy continues to ensure we capture this growth opportunity by expanding our customer base and providing the platform to enable increased usage across the network. This strong momentum is supported by continued cost efficiencies which enabled further EBITDA
margin expansion.
“As reported in July 2023, our results for the first quarter were significantly impacted by the changes to the FX market in
Nigeria, introduced by the Central Bank. Whilst the changes are required for the long-term benefit of the Nigerian economy, the immediate impact of the naira devaluation continues to weigh on our reported financial performance in the period,” he said.
Ogunsanya adds, “Our focus remains to enhance long-term value by continuing to drive sustained and efficient growth. Over the last five years, we have delivered constant currency revenue and EBITDA CAGR of 17.1% and 20.7% respectively, allowing us to further derisk the balance sheet and improve profitability across the Group.
“Looking forward, the delivery of affordable and reliable telecom and mobile money services across our markets remains
our key focus. Our strong operating performance continues to make us a stronger and bigger company, which is well-positioned to deliver against the growth opportunities these markets offer.
Airtel Africa offers an integrated suite of telecom solutions to its subscribers, including mobile voice and data services as well as mobile money services, both nationally and internationally.
