Airtel Africa released its financial results for the quarter ended June 30, 2024. The company experienced an 8.6% growth in its total customer base, with a 13.4% increase in data customers. Data usage per customer increased by 25.1%, and smartphone penetration rose by 4.7%. The companys mobile money business saw a 14.9% subscriber growth, and transaction value increased by 28.7% in constant currency. ARPU growth remained positive, with data and mobile money ARPUs increasing by 9.6% and 8.8%, respectively.
Airtel Africas revenue in constant currency grew by 19.0% in Q125, driven by strong performance in Nigeria and East Africa. However, reported currency revenues declined by 16.1% due to currency devaluation, particularly in Nigeria. The companys EBITDA margins decreased to 45.3% from 49.5% in the previous quarter, mainly due to fuel price increases and currency devaluation.
The companys profit after tax was <mark style="background-color:yellow">impacted</mark> by exceptional derivative and foreign exchange losses arising from the depreciation of the Nigerian naira. Capex increased by 4.9% compared to the previous period, and the company continues to invest in future growth. Airtel Africa has also fully repaid its HoldCo debt and reduced its foreign currency debt exposure.
Sunil Taldar, CEO of Airtel Africa, emphasized the companys commitment to improving customer experience, driving efficiencies, and capturing growth opportunities while maintaining a strong capital structure.