Airtel Africa Net Profit Doubles to $192 Mn in Q2

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Airtel Africa business reported a net profit of $192 million in the fiscal second quarter, which more than doubled year-on-year (YoY) and rose over 35 per cent sequentially.

The profit growth was on the back of a sharp reduction in finance costs coupled with strong growth in data and mobile money revenues.

Revenue for the quarter to September rose 20 per cent on-year and 4.31 per cent sequentially to $1.16 billion, the company said on Thursday.

“Our first-half financial performance has been strong. The first half of last year, and especially Q1, was impacted by the start of Covid, but even after adjusting for these effects, our revenue growth rates for the half-year for the Group and all our service segments are ahead of our FY’21 revenue growth trends, and in reported terms, these are all in strong double-digit,” Segun Ogunsanya, Airtel Africa’s chief executive officer, said in an official statement on Thursday.

Long-Term Sustainability Strategy

Airtel Africa, a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa said it had also launched its long-term sustainability strategy.

The strategy will be delivered through four sustainability pillars: its business, people, community and environment.

“We have identified six of the United Nations Sustainable Development Goals to which we believe our work will make a genuine and tangible contribution- they are SDG 4: Quality education, SDG 5: Gender equality, SDG 8: Decent work and economic growth, SDG 9: Industry, innovation and infrastructure, SDG 10: Reduced inequalities, and SDG 12: Responsible consumption and production,” the company said in a statement.

The London-listed telecommunications company said it aims to achieve net-zero greenhouse gas emissions ahead of the 2050 deadline set out in the Paris agreement.

“We will establish and launch a sector leading and credible decarbonization pathway in 2022, ahead of the publication of our first sustainability report,” the company said.

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