Airtel Africa’s full-year profit jumped 82% as revenue hits $4.7 billion

Airtel Africa’s net profit for the year ended March 31 soared by more than four-fifths on the back of rising revenue, according to the wireless operator’s financial report for the period. Turnover jumped 23.3% to $4.7 billion from a year earlier, receiving a boost from data and mobile money gains. The telco highlighted a marked improvement in underlying revenue at constant currency across all regions of its operation (Nigeria, East Africa and Francophone Africa) as a key factor helping growth. London-listed Airtel Africa, which entered into FTSE 100 Index in January, it obtained full approval from the Central Bank of Nigeria in April to operate a payment services bank in Nigeria. Pre-tax profit was $1.2 billion, an increase of 75.6% from a year ago, while after-tax profit rose to $755 million. That compares with $415 million reported for fiscal year 2020, which is an 82 percent increase. According to Ogunsanya, General Manager of Airtel Africa “We have successfully executed a number of strategic initiatives in the year, with tower sales completed in four countries, $550 million of minority investments secured for our mobile money business, and a successful minority buyout in our Nigerian operation,” said Mr. CEO According to Ogunsanya. . ALSO READ: Airtel’s nine-month profit surges 97% to $514m in post-Covid data boom “While the fundamentals of our six-pillar growth strategy remain unchanged, we seek to accelerate our performance through an increased focus on digitalization and have underpinned our strategic pillars with our sustainability ambition.” Airtel Africa’s mobile money campaign attracted investment from a number of private equity investors last year, including Mastercard, TPG, Chimera Investments LLC and the Qatar Investment Authority. The company’s mobile money business is currently valued at $2.65 billion in cash and debt-free. For the review period, the markup, which measures how much of revenue has been turned into profit, was 16 percent. It was 10.6 percent a year earlier. Nigeria is the largest market for the mobile phone group. Read More Related News Here Let here it in the comment below if you do have an opinion on this; Airtel Africa’s full-year profit jumped 82% as revenue hits $4.7 billion