Airtel Africa Customer Base at 152.7 Million, Net Loss at $165 Million for FY24

Airtel Africa, the second-largest telecom operator in Africa, has released its yearly performance report for FY24. The telco said that its overall customer base grew by 9% to 152.7 million. The data customers grew by 17.8% to 64.4 million and there was also a 20.8% increase in data usage per customer. The mobile money subscriber base also grew by 20.7% and the total transaction value increased by 38.2% in constant currency with an annual transaction value of over $112 billion.

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Airtel Africa’s ARPU grew at a rate of 8.6%. The telco said that it continued investing in network infrastructure and increased the 4G coverage. 95% of Airtel Africa’s mobile sites are now 4G operational, facilitating a 42.3% increase in 4G customers over the year.

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Despite the increasing customer base and an expanded 4G coverage, the telco’s net loss for the year stood at $165 million, and for Q4 FY24, the net loss was $104 million. Airtel Africa said that the loss is primarily due to currency devaluation, particularly in Nigeria.

The group’s mobile services revenue grew by 19.4% in constant currency. Mobile money revenue grew by 32.8% in constant currency, with a continued strong performance in East Africa.

Capex (capital expenditure) was almost flat at $737 million and was below the guidance of the company, primarily because a lot of capex was deferred to investments in data centers. Further, the telco spent $152 million on license renewal and spectrum acquisitions, along with $127 million in Nigerian 3G license renewal.