Airtel Africa total customer base increased to 134.7 million, up 9.7%, with increased penetration across mobile data (customer base up 10.6%) and mobile money services (customer base up 24.0%).
This is contained in the results for half year report ended 30 September 2022 as the group reported double-digit revenue growth, margin resilience and further strengthening of its balance sheet.
Highlights
- Total customer base increased to 134.7 million, up 9.7%, with increased penetration across mobile data (customer base up 10.6%) and mobile money services (customer base up 24.0%).
- ARPU growth of 7.2% in constant currency, largely driven by increased usage across voice, data and mobile money.
- Mobile money transaction value increased by 31.7%, to an annualized value of $86.1bn in Q2’23.
- Reported revenue grew by 12.9% in the half, to $2,565m, and 12.7% for Q2’23. Constant currency growth rate accelerated to 18.5% in Q2, supporting half year growth of 16.9%.
- EBITDA increased by 14.3% to $1,255m in reported currency and by 17.8% in constant currency, with an EBITDA margin of 48.9%, an increase of 60 basis points in reported currency and 38 basis points in constant currency.
- Profit after tax was $330m, lower by 1.5% due to higher foreign exchange and derivative losses of $160m. Profit after tax excluding foreign exchange and derivative losses was up by 30.4%.
- EPS before exceptional items was 6.8 cents, a reduction of 9.5% largely as a result of higher foreign exchange and derivative losses of $160m. Basic EPS increased to 7.9 cents (up by 3.7%) as a result of deferred tax asset recognition in Kenya.
- The board has declared an interim dividend of 2.18 cents per share (2 cents in H1’22).
- In July 2022, the Group prepaid $450m of outstanding external debt at HoldCo. The remaining debt at HoldCo is now $550m, falling due in May 2024. The leverage ratio has fallen to 1.3x from 1.5x in the prior period.
- Capex increased by 26.9% to $310m, in line with our guidance, as we continue to invest for future growth. Additionally, we acquired spectrum in key markets including DRC and Kenya.
- Inaugural sustainability report published today, reflecting the Group’s commitment to documenting progress against its long-term sustainability strategy launched in October 2021.
