Airtel Africa Expands Customer Base, Reports Profits Despite Currency Challenges

Airtel Africa, in its recently released half-year report ending September 30, 2023, demonstrated remarkable growth and performance indicators.


  • Airtel Africa's customer base surges to 147.7 million.
  • Data customers up 23.0 percent YoY to 59.8 million.
  • Revenue growth in constant currency.

Follow Us

Airtel Africa Expands Customer Base, Data and Mobile Money Customers
Airtel Africa, a subsidiary of Bharti Airtel operating in 14 African countries, reported a profit of USD 115 million for the quarter ending in September 2023. This marked a 13.53 percent decline from the USD 133 million earned in the same quarter the previous year. The company also revealed a 4.7 percent year-on-year decrease in revenue for the quarter, with earnings totalling USD 1,246 million, down from USD 1,308 million in the previous year.

Also Read: Airtel Africa Reports Strong Revenue Growth in Q1 Despite Forex Challenges

Strong Customer Growth

Airtel Africa reported robust growth in key performance indicators (KPIs) for the first half of the year, with a 9.7 percent increase in the total customer base, reaching 147.7 million. Data customers grew by 23.0 percent, reaching 59.8 million, and mobile money customers increased by 23.1 percent to 36.5 million. The mobile money transaction value experienced a 45.3 percent growth in constant currency, with a Q2'24 annualised transaction value of USD 116 billion in reported currency.

Revenue and EBITDA Performance

In terms of revenue, the company reported a 19.7 percent growth in constant currency, with reported currency revenues slightly increasing by 2.3 percent to USD 2,623 million. However, in Q2'24, reported currency revenues saw a 4.7 percent decline, reflecting the full-quarter impact of the Nigerian naira devaluation in June 2023. Q2'24 constant currency revenues increased by 19.0 percent.

EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) increased by 21.2 percent in constant currency and 3.7 percent in reported currency, reaching USD 1,302 million, with an EBITDA margin of 49.6 percent. This margin reflected a 70bps margin improvement over the previous period, despite inflationary cost pressures and foreign exchange headwinds. Reported currency EBITDA declined by 3.3 percent in Q2'24 due to the full impact of the Nigerian naira devaluation in June 2023.

Also Read: Airtel Africa Reports Over 11 Percent Revenue Growth and Increased Customer Base

CEO's outlook and challenges

Olusegun Ogunsanya, Group Chief Executive Officer, expressed his satisfaction with the Group's strong operating performance, emphasizing the resilience of their voice, data, and mobile money services, which continue to experience significant growth. The company's six-pillar 'win-with' strategy focuses on expanding the customer base and facilitating increased usage across the network.

Ogunsanya also acknowledged the challenges posed by changes to the FX market in Nigeria, particularly the naira devaluation. Despite these challenges and rising diesel prices in Nigeria, Airtel Africa aims to limit their impact through operational leverage and cost efficiencies, ultimately working toward an improved EBITDA margin in FY'24 compared to FY'23.

Reported By

From Arts and Journalism background, Yashika closely monitors developments and updates in OTT Space.

Recent Comments

Faraz : 7 months ago we heard that Trai will report number of 5G customers separately but haven't seen that become…

5G Subscriptions in India Expected to Reach 130 Million by…

Suman Dutta :

Ye aukat ki baat hai. Chindi chor ka kaam nehi.

Bharti Telecom Looking to Raise 80 Billion Rupees

shivraj roy :

supreme leaders picture in the back

70 Lakh Mobile Connections Disconnected in Crackdown Against Cybercrime

shivraj roy :

still wont roll out 5G SA

Bharti Telecom Looking to Raise 80 Billion Rupees

Rupesh :

BSNL 4G Update from Punjab circle: Chandigarh, Mohali and Panchkula (although city of Haryana but in telecom terms it falls…

BSNL Reports a Net Loss of Rs 1484 Crore for…

Load More
Notify of
Inline Feedbacks
View all comments