Airtel announced its financial year results, highlighting a 9.0% increase in its customer base to 152.7 million, driven by digital inclusion efforts. Data customers and usage grew by 17.8% and 20.8%, respectively, while mobile money subscribers rose by 20.7%, emphasizing Airtel’s commitment to financial inclusion. The annual transaction value exceeded $112 billion, a 38.2% growth in constant currency, resulting in an 8.6% rise in average revenue per user.
To enhance customer experiences, Airtel expanded its 4G network coverage to 95%, leading to a 42.3% increase in 4G customers. Despite a 20.9% revenue increase in constant currency, currency devaluation in Nigeria led to a reported revenue decline of 5.3% to $4,979 million.
Mobile services and mobile money revenue grew significantly, driven by increased voice and data usage, particularly in East Africa. Despite inflation and currency challenges, EBITDA margins remained strong at 48.8%, though reported EBITDA fell by 5.7% to $2,428 million due to challenges in Nigeria and rising energy costs.
Airtel reported a loss after tax of $89 million, mainly due to foreign exchange losses, including significant devaluations in the Nigerian naira and Malawian kwacha. Earnings per share were negative at 4.4 cents, down from 17.7 cents the previous year. Adjusted earnings before exceptional items were 10.1 cents, a 25.9% decrease. The company’s capital expenditure was $737 million, with $152 million invested in licenses and spectrum acquisitions.
The Board approved a $100 million share buyback program, and in March 2024, the company bought back 7.4 million shares for $9 million. In sustainability efforts, Airtel launched a $57 million partnership with UNICEF to provide digital learning resources to over a million children by 2027 and collaborated with the Rwandan government to distribute affordable smartphones to over a million people.
CEO Olusegun Ogunsanya praised the “Win with” strategy for mitigating currency fluctuations and emphasized their focus on margin improvement. He expressed gratitude to customers, partners, and employees, reaffirming Airtel’s mission to transform lives across Africa.
