Airtel Africa’s revenue slows in Nigeria, other African markets

Airtel Africa’s earnings in Nigeria slowed in the nine-month period that ended on December 31, 2022. The network provider also recorded slow growth in other African countries.

Ripples Nigeria gathered that Airtel Africa’s reported revenue grew by 12.1 per cent in the review period, in contrast to the 21.7 per cent growth posted during the same period in 2021.

It closed the nine-month period of last year with $3.91 billion, surpassing the $3.49 billion reported in the corresponding period of 2021.

The slow revenue growth was recorded in its largest revenue market, Nigeria, as well as East Africa and Francophone Africa.

In the financials, revenue in Nigeria grew by 20.9 per cent last year, falling behind the 29.0 per cent growth reported a year before.

Also, turnover in East Africa rose by 11.9 per cent and 11.8 per cent in Francophone Africa in 2022, against the 24.4 per cent and 19.0 per cent respectively recorded in 2021.

Ripples Nigeria learnt that key services, such as Voice (airtime) was up 16.1 per cent, with Data and Mobile Money each reporting 37.2 per cent growth in 2021.

Read also:Airtel Africa recovers N319.44bn loss after 5G spectrum acquisition

However, the key services slowed in 2022 with Voice revenue appreciating by 12.7 per cent, Data revenue up 22.3 per cent, and Mobile Money revenue grew by 29.8 per cent.

Note that Voice grossed $1.87 billion in revenue during the nine-month period, above the $1.74 billion generated from the service the previous year.

Data revenue saw $1.31 billion in 2022, surpassing the $1.12 billion generated a year before, while Mobile money revenue was $515 million last year, against $406 million grossed in 2021.

Meanwhile, Airtel Africa reported a $523 million net profit during the period in review, besting the $514 million profit after tax reported in 2021.

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