Airtel Africa has reported 11.2 per cent growth in full-year revenue from $3.07 billion in 2019 to $3.42 billion in 2020.
According to a release sent to Daily Sun, the telecoms company’s customer base grew by 11.9 per cent to 110.6 million, signifying that more customers had signed up for its mobile and data services, and on stronger activity in its biggest market Nigeria.
Furthermore, the company’s revenue in constant currency grew by 13.8 per cent in the full year and 17.9 per cent in the fourth quarter with voice revenue up by 5.2 per cent, data up by 39 per cent and mobile money by 37.2 per cent. Operating profit grew by 22.8 per cent to $901 million and increased by 25.4 per cent in constant currency, while profit before tax rose by 71.7 per cent from $348 million in March 2019 to $598 million in March 2020.
Speaking on the results, Chief Executive Officer, Airtel Africa Plc, Raghunath Mandava, said the company’s financial results were delivered against its aspirations set out at the time of its IPO, with performance sequentially improving during the year.
He said: “Revenue increased by 11.2, 13.8 per cent in constant currency, and underlying EBITDA by 13.8, 16.3 per cent in constant currency, to a reported $1,515 million, underpinned by significant improvement in our free cash flow generation and reduced leverage. These results also demonstrate the strength and resilience of our business and the effectiveness of our strategy – with all three business services, voice, data and mobile money, contributing to revenue growth. We have also continued to invest in future growth opportunities as we expanded our distribution, modernised and expanded our network with 65 per cent of sites now on 4G, acquired new spectrum in Nigeria, Tanzania, Malawi and Chad, and entered into strategic partnerships in our mobile money business”.
According to him, “ the markets where the company operates have begun to be impacted by the COVID-19 and the related actions that governments have implemented to reduce the risk of contagion. Our priority has been to keep our colleagues, suppliers and customers safe whilst supporting the communities in which we operate.”