Airtel Africa, in its recently released financial report for the second quarter (Q2) 2024, for the year ended June 30, 2024, showcased strong growth, despite tough economic challenges.
The telco firm which operates in 14 African countries, reported an 8.6% increase in its total customer base, reaching 155.4 million. Data customers across the continent rose by 13.4% to 64.4 million. Data usage per customer increased by 25.1% to 6.2 GB, with smartphone penetration growing by 4.7% to 41.7%.
The report also highlighted growth in Airtel’s mobile money platform, with a 14.9% rise in subscriber count and a transaction value of $210 billion. Data ARPU (average revenue per user) grew by 9.6%, while mobile money ARPU increased by 8,8% in constant currency, contributing to an overall ARPU increase of 9.3% year-on-year. Across its Group Mobile Services, revenue grew by 17.4 percent and mobile money revenue grew by 28.4 percent in constant currency.
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On Network coverage, the company reported a 33% increase, adding nearly 3,000 sites and over 5,600 kilometers of internet fiber across Africa. Notably, it achieved 19% constant currency growth, driven by 33.4% growth in Nigeria and 22.3% growth in East Africa. However, Airtel Africa recorded a decline in currency revenue in Nigeria by 16.1%, due to the devaluation of the Naira.
The translation impact of currency devaluation on reported currency results was the primary driver of EPS before exceptional items declining from 3.9 cents in the prior period to 2.3 cents. Basic EPS of 0.2 cents compares to a negative (4.5 cents) in the prior period, predominantly reflecting the USD 471 million of exceptional derivative and foreign exchange losses in the prior period, compared to USD 122 million in the current period.
Speaking on the report, Airtel Africa CEO Sunil Taldar said,
“The continued revenue growth momentum once again reflects the resilient demand for our services, with sustained growth in our customer base and usage. Our superior execution enables us to capture these opportunities, whilst retaining our reputation as a cost leader across the industry. Having visited most of our opcode since I joined Airtel Africa, I am encouraged by the scale of the opportunities available across our markets in both the GSM and mobile money business”.
Airtel Africa is 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. The company offers an integrated suite of telecom solutions to its subscribers, including mobile voice and data services as well as mobile money services, both nationally and internationally.
It aims to continue providing a simple and intuitive customer experience through streamlined customer journeys. By integrating mobile voice, data and financial services, Airtel Africa is committed to empowering its subscribers with the tools they need to stay connected, informed and financially active.
