Airtel Africa has just released the Q3 FY23 results. The telco said that its customer base increased to 138.5 million (up by 10.1%) because of the growth in demand for mobile data and mobile money services. The data customer base is up 13.6%, and the mobile customer base is up by 22.2% after the end of the quarter. Airtel Africa reported an average revenue per user (ARPU) growth of 7.2% in constant currency, which was largely driven by the increased usage across mobile money, data and voice.
One of the biggest achievements for Airtel Africa was that the mobile money transactions value increased by 37% to an annualised value of almost $100 billion in Q3 FY23. Revenue for the telco in reported currency grew by 12.1% to $3194 million, with Q3 FY23 growth of 10.7%. The profit after tax (PAT) was $523 million, up by 1.7%, as EBITDA (earnings before interest tax depreciation and amortisation) growth was partially offset by the derivative losses and higher foreign exchange of $184 million.
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Airtel Africa's leverage ratio was 1.4x, which is slightly higher than the ratio in September 2022, as it is largely driven by the acquisition of spectrum in Nigeria.
Segun Ogunsanya, CEO of Airtel Africa, said, "The execution of our six-pillar strategy continues to provide the foundation for growth, driving 10% customer growth, supported by 14% growth in data customers and over 22% growth in mobile money customers. Higher usage across voice, data and money, have contributed to further ARPU growth of over 7%, resulting in 18% revenue growth in the quarter as penetration across each segment continues to increase."
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He added, "Over the last nine months we have spent almost $490m on 4G and 5G spectrum across key markets to improve network capacity and quality, future-proof the company for continued growth opportunities and facilitate economic progress in all our markets."