Airtel Africa posted a half-year revenue of $2.62 billion, representing a year-on-year increase of 2.3% from the corresponding period last year.  


It is noted in the report that the revenue, when measured in a constant currency, increased by 19.7%. However, when measured in reported currency, which is the US Dollar, the revenue only grew by 2.3%.  


For the quarter ending September 30, 2023 (Q2 2024), the reported currency revenue declined by 4.7%, and the decline was attributed to the impact of the Nigerian naira devaluation in June 2023.


However, in constant currency, the group posted a year-on-year revenue increase of 19.0% during the quarter. 


According to the half-year financial statements for the period ending September 30, 2023, the group experienced a $13 million pre-tax loss, marking a significant 103.8% decrease from the $330 million pre-tax profit reported during the same period last year.  


The $13 million loss after tax was mainly caused by a $471 million foreign exchange loss, which was recorded in the finance cost before tax, and a $317 million loss after tax due to the devaluation of the Nigerian naira in June 2023. 



Key Highlights H1 2024 vs H1 2023 (reported currency, US$)

  • Revenue: $2.62 billion, +2.3% YoY 
  • EBITDA: $1.30 billion, +3.7% YoY
  • EBITDA margin: 49.6%, +70 bps YoY
  • Operating profit: $885 million, +1.5% YoY
  • (Loss)/Profit before tax: ($13 million), -103.8% YoY
  • Total finance cost: $873 million, -144.1% YoY
  • Basic earnings per share: -1.5 US Cents, -118.5% YoY
  • Net cash generated from operating activities: $1.12 billion, +10.8% YoY 


More Insights 

During the half-year ending September 30, 2023, the group recorded a 9.7% year-on-year increase in total customers to 147.7 million from 134.7 million in the half-year ending September 30, 2022.  


The group recorded a 23.0% year-on-year increase in its data customer base, from 48.6 million in H1 2023 to 59.8 million in H1 2024.  


All reporting segments experienced double-digit constant currency revenue growth. Specifically, in the mobile services sector, revenue in Nigeria increased by 21.7%, in East Africa by 20.6%, and in Francophone Africa by 10.9%. 


Overall, the group’s mobile services revenue grew by 18.3%, with voice revenue increasing by 11.5%, data revenue by 28.1%, and other revenues by 19.0%. 


Additionally, mobile money revenue saw a significant growth of 30.9% in constant currency, driven by a 34.9% increase in East Africa and an 18.7% increase in Francophone Africa. 


In commenting on the group’s financial performance, Olusegun Ogunsanya, the Group CEO of Airtel Africa, noted,  

  •  “I am 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, and our six-pillar ‘win-with’ strategy continues to ensure we capture this growth opportunity by expanding our customer base and providing the platform to enable increased usage across the network. This strong momentum is supported by continued cost efficiencies which enabled further EBITDA margin expansion. 
  • “As reported in July 2023, our results for the first quarter were significantly impacted by the changes to the FX market in Nigeria, introduced by the Central Bank.
  • “Whilst the changes are required for the long-term benefit of the Nigerian economy, the immediate impact of the naira devaluation continues to weigh on our reported financial performance in the period.
  • “Our focus remains to enhance long-term value by continuing to drive sustained and efficient growth. Over the last five years, we have delivered constant currency revenue and EBITDA CAGR of 17.1% and 20.7% respectively, allowing us to further de-risk the balance sheet and improve profitability across the Group.
  • “Looking forward, the delivery of affordable and reliable telecom and mobile money services across our markets remains our key focus.
  • “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.
  • “Despite the challenges of rising diesel prices in Nigeria, we aim to limit the impact with continued operational leverage and further cost efficiencies to deliver an improved EBITDA margin in FY’24 versus FY’23.”



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