BusinessAirtel Africa Records $335m PAT In H1 21

Airtel Africa Records $335m PAT In H1 21

November 01, (THEWILL) – Airtel Africa plc has recorded Profit After Tax (PAT) more than doubled to $335m, in its results for half year ended 30 September 2021.

Segun Ogunsanya
Segun Ogunsanya

The figure, according to the company, is largely due to higher profit before tax which more than offset the associated increase in tax charges

According to the reports, there was strong growth across the Group, doubling profit after tax, increased cash generation, lower leverage and dividend upgrade

The report further indicated that “H1’22 reported revenue grew by 25.2 per cent to $2,272m with double digit growth across all regions. Q2 reported revenue growth of 20.3 per cent and revenue in constant currency grew by 27.6 percent.

In addition, there was strong double-digit and constant currency revenue growth across all regions: Nigeria up 32.4 per cent, East Africa up 25.8 per cent and Francophone Africa up 22.1 per cent; and across all key services, Voice up 19.7 per cent, Data up 36.9 per cent and Mobile Money up 42.0 per cent.

Also, underlying EBITDA grew by 35.2 per cent to $1,098m in reported currency and underlying EBITDA margin improved to 48.3 per cent, an increase of 360 basis points led by both revenue growth and improved operational efficiencies.

The report also showed that customer base grew by 5.4 per cent to 122.7 million, with increased penetration across mobile data (customer base up 10.9 per cent) and mobile money services (customer base up 19.0 per cent).

The customer base growth was however, affected by the new NIN/SIM registration regulations in Nigeria; excluding Nigeria the customer base grew by 13.7 per cent.

The board also declared an interim dividend of 2 cents per share (1.5 cents in H1’21) in line with an upgraded dividend policy aimed to grow the dividend annually by a mid to high-single digit percentage from a new base of 5 cents per share for FY 2022, with a continued focus to further strengthen the balance sheet.

Meanwhile, Airtel Africa has launched a comprehensive sustainability strategy.

The strategy sets out its detailed plans to improve the lives of millions of people across Africa through digital and financial inclusion and access to education.

It also includes specific goals around environmental protection and the ongoing development of a rewarding, diverse and inclusive workplace.

Speaking on the new strategy, Segun Ogunsanya, CEO, Airtel Africa, said “Today is a significant milestone in Airtel Africa’s journey. Our new strategy provides a solid foundation for us to accelerate change for the communities we serve and the environment in which we operate. We have worked closely with our stakeholders to ensure that this strategy is ambitious, robust and credible. This partnership approach underpins all the work we will deliver through our strategy”.

“We will look to collaborate across the industry, recognising that by working together, we will be able to drive a more significant impact for the people who need it most. We are more committed than ever to ensuring open and honest communication on our progress as Airtel Africa embarks on its long journey towards a more sustainable future”, Ogunsanya added.

According to him, the sustainability strategy includes nine goals and commitments, with corresponding programmes that address the business’ material topics (identified through an extensive consultation at the beginning of the year) and enable the Group to continue delivering sustainable growth and uphold the best governance standards.

The nine goals include data security goal, service quality goal, supply chain goal, commitments to our people, digital inclusion goal, financial inclusion goal, access to education goal, greenhouse gas emissions reduction goal and environmental stewardship.

About the Author

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Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.

Sam Diala, THEWILLhttps://thewillnews.com
Sam Diala is a Bloomberg Certified Financial Journalist with over a decade of experience in reporting Business and Economy. He is Business Editor at THEWILL Newspaper, and believes that work, not wishes, creates wealth.

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