Airtel Africa Reports $248m Profit

Airtel Africa has reported a remarkable turnaround, with a profit after tax of $248 million for the nine-month period ending December 31, 2024.

This is a significant jump from the $2 million profit in the same period last year. The exceptional growth was mainly driven by a $94 million gain from the appreciation of the Nigerian naira and Tanzanian shilling.

The company’s EBITDA stood at $1.68 billion, reflecting an 11.9 percent decline in reported currency but an improvement in EBITDA margin to 46.2 percent, up from 45.3 percent in first quarter 2025 (Q1’25). Despite challenges like higher fuel costs and a reduced contribution from Nigeria, Airtel Africa managed to improve its margins through cost efficiency initiatives.

Revenue grew by 20.4 percent in constant currency to $3.64 billion, largely due to strong subscriber growth and increased adoption of mobile money services. However, in reported currency, revenue declined by 5.8 percent, reflecting the impact of currency devaluations in its markets.

Airtel Africa’s customer base grew 7.9 percent year-on-year (YoY) to 163.1 million, with data customers rising by 13.8 percent to 71.4 million. Data usage per customer surged by 32.3 percent to 6.9 GBs, supported by a 5.2 percent increase in smartphone penetration to 44.2 percent.

The company’s mobile money service continues to be a key growth driver, with an 18.3 percent rise in mobile money subscribers to 44.3 million. Transaction volumes surged 33.3 percent, reaching an annualised value of $146 billion.

In terms of revenue, mobile services grew by 18.8% in constant currency, with voice revenue rising 9.8 percent, data revenue up 29.5 percent, and mobile money revenue growing 29.6 percent. Data ARPU rose by 15 percent, while mobile money ARPU grew 11.8 percent, contributing to a 12 percent YoY growth in overall ARPUs.

Chief Executive Officer (CEO) of Airtel Africa, Mr. Sunil Taldar, expressed confidence in the company’s continued growth despite economic challenges. He highlighted the company’s focus on customer experience, network expansion, and digital transformation. He also noted the stabilization of currencies in some markets and regulatory support from Nigeria’s Communications Commission (NCC) on tariff adjustments, which he believes will contribute to a more stable operating environment. Airtel Africa remains committed to investing in network expansion and digital inclusion to drive long-term growth.