Airtel Africa, a Bharti Airtel subsidiary, has disclosed its financial results for the nine-month period concluding on December 31, 2023. During this timeframe, Airtel Africa observed a 9.1 percent upswing in its overall customer base, reaching 151.2 million.

The company experienced growth in both mobile data and mobile money services, with a 22.4 percent rise in data customers to 62.7 million and a 19.5 percent increase in mobile money customers to 37.5 million.

Fueled by heightened usage across all sectors, Airtel Africa reported a 10.0 percent growth in constant currency Average Revenue Per User (ARPU). Furthermore, the transaction value in mobile money surged by 41.3 percent in constant currency, attaining an annualized transaction value of USD 116 billion in reported currency.

In its earning statement, Airtel Africa noted “Profit after tax was USD 2 million in the (nine-month) period, primarily impacted by significant foreign exchange headwinds, particularly the USD 330m 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 140m derivative and foreign exchange losses net of tax, which is not treated as an exceptional item.”

Olusegun Ogunsanya, the Group CEO of Airtel Africa, said: “we remain focussed on the execution of our growth strategy and, combined with our strong operational execution, this has ensured that we continue to see sustained, positive growth momentum across the business, despite the inflationary and currency headwinds.

“Demand remains resilient, highlighting the vital nature of the voice, data and mobile money services we provide to our customers across the region, and has resulted in a strong 20.2 per cent constant currency revenue growth over the period, with an increase in EBITDA margins.”

“We continue to be well positioned to deliver on the attractive growth opportunities our markets offer and despite the challenge of rising diesel prices, ongoing currency devaluation and inflationary pressures across some of our markets, we remain focussed on margin resilience.”

The third-quarter profit before tax, concluding on December 31, amounted to USD 43 million, in contrast to the USD 285 million recorded in the corresponding period of the previous year. The quarterly revenue also declined to USD 1.24 billion from USD 1.35 billion.

Specifically, voice revenue witnessed a 16.8 percent decrease, reaching USD 538 million, while data revenue experienced a 5.9 percent decline, settling at USD 428 million. Earnings before interest, taxes, depreciation, and amortization decreased to USD 606 million from the previous USD 661 million. Notwithstanding, in Q3’24, Airtel Africa disclosed an 8.3 percent reduction in revenues, attributed to currency devaluation, notably influenced by the devaluation of the Nigerian naira.