Airtel Africa records strong customer, revenue growth despite currency challenges

Revenue for the period was $3,638 million, up 20.4% in constant currency but down 5.8% in reported currency due to devaluation.
airtel money

Airtel Africa’s latest results for the nine months to 31 December 2024 show growth in customers, revenue, and financial management.

The telco’s total customer base rose by 7.9% to 163.1 million, with data customers up 13.8% to 71.4 million.

Data usage per customer increased by 32.3% to 6.9 GB, and smartphone penetration reached 44.2%.

Mobile money subscribers grew by 18.3% to 44.3 million, with Q3’25 transaction value rising 33.3% to an annualised $146 billion. Network capacity expanded with 2,850 new sites and 2,600 km of fibre.

Revenue for the period was $3,638 million, up 20.4% in constant currency but down 5.8% in reported currency due to devaluation. Q3’25 revenue grew 21.3% in constant currency and 2.5% in reported currency.

Mobile services revenue rose 18.8%, with voice up 9.8% and data up 29.5%. Mobile money revenue increased by 29.6%. EBITDA dropped 11.9% to $1,681 million, with margins at 46.2%, affected by fuel costs and Nigeria’s lower contribution.

However, margins improved from 45.3% in Q1’25 to 46.9% in Q3’25. Profit after tax for Q3’25 included a $94 million gain from currency appreciation, but the nine-month profit was $248 million, impacted by $57 million in forex losses.

Capex was $456 million, down 7.8%, with full-year guidance between $725 million and $750 million.

Foreign currency debt was cut by $739 million, with 92% of OpCo debt now in local currency. Leverage increased from 1.3x to 2.4x due to a $1.2 billion rise in lease liabilities from tower lease renewals.

A second $100 million share buyback has been launched after completing a similar buyback.

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