Airtel Africa, a leading telecommunications provider with a presence in 13 African markets, has reported resilient financial performance for the full year ended March 31, 2024. While currency fluctuations impacted overall revenue figures, the company highlighted strong underlying growth across key metrics.
ALSO READ: Infinix Note 40 Pro Review: Taking charge all-round
Airtel Africa’s customer base grew by a significant 9.0% to reach 152.7 million. This growth was accompanied by a surge in data usage, with data customers increasing by 17.8% to 64.4 million. Mobile money, a key driver of financial inclusion in Africa, also saw impressive growth of 20.7%, reflecting Airtel Africa’s commitment to expanding its reach.
Network Investment Boosts 4G Adoption
The company’s continued network investment strategy is paying off. With 95% of its sites now operational for 4G, Airtel Africa experienced a 42.3% increase in 4G customers throughout the year. This enhanced network infrastructure empowers users with faster and more reliable mobile internet access.
Airtel Africa’s constant currency revenue grew by a healthy 20.9%, accelerating to 23.1% in the final quarter. However, reported revenue figures declined by 5.3% to $4,979 million due to the devaluation of local currencies, particularly the Nigerian naira.
Despite these headwinds, the company maintained a resilient EBITDA margin of 48.8%. Notably, constant currency EBITDA increased by 21.3%, showcasing the strength of the underlying business.
Exceptional Items and Shareholder Value
Airtel Africa reported a loss after tax of $89 million, primarily due to significant foreign exchange losses. The devaluation of the naira and the Malawian kwacha resulted in exceptional losses of $549 million. The company remains committed to mitigating currency volatility and has made strides in reducing its exposure to US dollar debt.
Looking towards shareholder value, Airtel Africa announced a share buyback program of up to $100 million and recommended a final dividend of 3.57 cents per share.
Airtel Africa’s CEO, Olusegun Ogunsanya, expressed optimism about the future, acknowledging the “compelling” growth opportunities within the company’s markets. He emphasized the company’s focus on margin improvement and its unwavering commitment to transforming lives across Africa.
