Airtel Africa, a leading telecommunications and mobile money services provider in Africa, today reported strong financial results for the nine-month period ended December 31, 2023, demonstrating continued growth momentum despite foreign exchange challenges.
Key Highlights:
- Customer base up 9.1% to 151.2 million: Driven by strong growth in mobile data (22.4%) and mobile money (19.5%) customers.
- Constant currency revenue up 20.2%: All segments delivered double-digit growth, led by mobile data (28.5%) and mobile money (31.8%).
- EBITDA margin increases to 49.4%: Strong operational performance mitigates impact of currency headwinds.
- Profit impacted by exceptional foreign exchange losses: Primarily due to Nigerian naira and Malawian kwacha devaluations.
- Share buyback program of $100 million announced: Reflecting strong cash generation and commitment to shareholder returns.
Olusegun Ogunsanya, Group Chief Executive Officer, commented:
“We are pleased with our continued strong performance despite inflationary and currency headwinds. Our focus on execution and strategic priorities has resulted in resilient demand and a robust financial position. We are excited to launch a share buyback program and remain confident in our ability to capitalize on the attractive growth opportunities across our markets.”
Additional details:
- Capex increased 8.2% to $494 million, with full-year guidance maintained at $800-$825 million.
- Leverage improved to 1.3x, with HoldCo debt expected to be fully repaid in May 2024.
- Landmark partnership with UNICEF launched across 10 markets to provide educational resources to over 1 million children.
- Scope 3 strategy launched to manage environmental impact across the value chain.
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