Afrigather After a troublesome 2023 during which losses mounted after forex devaluation in a few of its key markets, Airtel Africa returned to the blue within the first quarter of 2024. The telecoms agency, which operates in 14 African nations, reported $31 million in revenue after tax, in comparison with a lack of $151 million in Q1 2023.
Nonetheless, macroeconomic headwinds persist. The corporate’s income declined 16.1% to $1.15 billion as a consequence of forex devaluation and rising gas prices in Nigeria. The telco will work on value discount and energy-saving initiatives to scale back community prices.
Key takeaways:
- Airtel Africa reported income of $1.15 billion for the quarter ended 30 June 2024
- It gained $31 million in earnings, up 120%
- Cell cash clients grew 14.9% to 39.5 million
Its robust backside line was pushed by knowledge and cellular cash providers income, which elevated Common Income per Consumer (ARPU). Information clients grew 13.4% to 64.4 million, whereas cellular cash customers within the telco’s East, Central, and West Africa segments elevated to 39 million.
Information income grew to $409 million, and voice income to $476 million. Cell cash income grew to $22 million, with a continued robust efficiency in East Africa of 31.7% and Francophone Africa of 18.4%.
Airtel’s buyer base grew to 155.4 million as the corporate continued its funding in knowledge by laying over 5,600 km of fibre cables.
The corporate’s share worth is down 10% in pre-market buying and selling, hours forward of its Q1 earnings name on Thursday.
“A key precedence for us is to search for new alternatives to additional develop our enterprise, particularly within the enterprise, fibre and knowledge centre companies throughout our footprint in Africa,” stated new CEO Sunil Taldar, who succeeded Olusegun Ogunsanya in June 2024.
In March 2024, the telco started work on an information heart that can be dwell by Q1 2026.
