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Airtel Africa’s net profit drops to $750m, Nigeria leads revenue growth



Airtel Africa loses $471 million to CBN’s naira devaluation

Airtel Africa recorded a drop in its net profit, with Nigeria leading its revenue growth for the annual financial period covering April 2022 and March 2023.

The Bharti Airtel subsidiary saw its profit after tax decline by $5 million or 6 per cent to $750 million at the end of March 2023, failing to surpass the $755 million posted during the preceding 12 months period.

This was disclosed in the annual financial statements obtained on Friday.

Interestingly, Airtel Africa increased the firm’s revenue by 11.5 per cent year-on-year, expanding to $5.25 billion in turnover during the period in review, against the $4.71 billion generated the previous year that ended on March 31, 2022.

The Nigerian market, where Airtel has 60.30 million active subscribers for telephony services and 41.89 million internet users, contributed largely to the growth, followed by East African subscribers and the Francophone nations.

READ ALSO: NCC sells 3G spectrum to Airtel, MTN at N117.36 billion

“Revenue growth was recorded across all reporting segments, with mobile services revenue for the Group up by 16.2%, reflecting Nigeria growing by 20.3%, East Africa by 13.4% and Francophone Africa by 11.9%, respectively,” the financial report disclosed.

The breakdown of the revenue sources showed airtime or calls accounted for $2.49 billion, which was up 5.6 per cent from the $2.35 billion reported the year before.

Turnover from data purchased by its internet users brought in $1.78 billion of the total revenue between April last year to March this year, surpassing the N1.52 billion revenue data sales grossed in the corresponding period.

Also, Mobile money revenue reported 25.1 per cent growth, in view of the $692 million raked in, compared to the $553 million earned on the service at the end of March 2022.

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