Airtel Africa, a subsidiary of Bharti Airtel operating in 14 African countries, posted a profit before tax of USD 43 million for the third quarter ending December 31.
For the same period as the previous year, it recorded USD 285 million.
“Profit after tax was USD 2 million in the nine months, primarily impacted by significant foreign exchange headwinds, particularly the USD 330 million exceptional loss after tax following the devaluation of the Nigerian naira in June 2023 and the Malawian kwacha in November 2023 after the structural changes in their respective FX markets.”
“The Nigerian naira devalued further in Q3’24, resulting in a USD 140 million derivative and foreign exchange losses net of tax, which is not treated as an exceptional item,” Airtel Africa said in its earnings statement.
Other highlights
Total Customer Base
Airtel Africa experienced a 9.1% increase in its total customer base, reaching 151.2 million. This growth reflects the company’s continued efforts to expand its reach across the African continent.
Mobile Data and Mobile Money Services
Data Customers: The number of data customers grew significantly, increasing by 22.4% to reach 62.7 million.
Mobile Money Customers: Airtel Africa witnessed a rise in mobile money customers, with a 19.5% increase to a total of 37.5 million.
Financial Performance
Revenue: Quarterly revenue declined to USD 1.24 billion from USD 1.35 billion.
Voice Revenue: Voice revenue fell by 16.8%, reaching USD 538 million. As data services gain prominence, traditional voice services face headwinds.
Data Revenue: Data revenue also declined, falling by 5.9% to USD 428 million.
EBITDA: Earnings before interest, taxes, depreciation, and amortization (EBITDA) slipped to USD 606 million, down from USD 661 million.
