Airtel Africa registered strong growth, margin expansion and cash generation, despite foreign exchange headwinds in Nigeria, the company results for the financial half year which ended on September 30, show.
According to the results, the company’s revenue in Nigeria grew by 23% in constant currency, driven by growth in voice, data, and mobile money usage. Airtel Africa’s customer base in Nigeria also grew by 7.8% to 59.8 million, while its mobile money customer base grew by 19% to 36.5 million.
Olusegun Ogunsanya, Group Chief Executive Officer of Airtel Africa said he was pleased to report a strong operating performance for the Group despite foreign exchange headwinds in many of our markets and specifically in Nigeria.
“The resilient growth in voice, data and mobile money usage levels reflects the inherent demand for these essential services across our footprint,” he said.
In other markets, Airtel Africa recorded strong performance with double-digit constant currency revenue growth in mobile services and mobile money. Airtel Africa’s EBITDA margin improved by 70 basis points to 49.6%, reflecting continued cost efficiencies
The company invested $312m in capex, with the majority of this investment going towards expanding and improving its networks. Airtel Africa also declared an interim dividend of 2.38 cents per share, an increase of 9%.
Looking forward, Ogunsanya said: “Our strong operating performance continues to make us a stronger and bigger company, which is well-positioned to deliver against the growth opportunities these markets offer.”