Airtel Africa’s profits grow by 1.8% as it posts $415 million net profit

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    • AvatarEbigide Jude
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      Airtel Africa’s profits grow by 1.8% as it posts $415 million net profit for FY 2021

      Airtel Africa, the holding company for Bharti Airtel’s operations in Africa, has released its financial report for the year ended March 31, 2021. One of the report highlights is that the company’s revenues are up by 14.2% to $3.8 billion.

      On the back of this revenue, Airtel Africa also posted net profits of $415 million, a slight growth of 1.8% from the previous year where it made $408 million in profits after tax.

      Despite the flat profit growth, it is still an impressive result for the business in a year where Covid-19 has stalled economic growth across Africa. Additionally, in Nigeria, the company’s biggest market, a ban on SIM card registration stifled growth.

      A look at the company’s significant services shows that voice revenue continues to lead the way, bringing in more than half its revenue. Yet, that does not tell the whole story, as the growth in voice revenue has slowed over the last few years.

      Data and mobile money revenue are the real stars of the show. Data contributed 35% to the revenue as it continues to show promise as Airtel deepens its investment in internet infrastructure.

      Airtel Money is also seeing significant growth, adding $401 million to revenue compared to the $311 million it added last year. According to Airtel, “We have increased the number of mobile money agents by 30.7%, kiosks by 68.8% and mobile money branches by 95%. Throughout the year, the expansion of our mobile money product portfolio, both through partnerships with leading financial institutions and through expansion of our merchant ecosystem, have further strengthened our mobile money propositions.”

      Source: https://techcabal.com

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