Airtel Africa posts $79m half-year profit

For the half-year ending September 30, 2024 (H1 2025), Airtel Africa posted a profit after tax of $79 million, marking a bounce back to profitability after posting a $13 million net loss in the corresponding period in the previous financial year.

During the half-year, the group posted revenue of $2.37 billion, which was a 10 percent year-on-year decline from the $2.62 billion revenue posted in the corresponding period in the previous financial year. The group also recorded a 20 percent year-on-year decline in its operating profit to $706 million, from $885 million as of H1 2024.

Although, there was a decline in revenue, when constant currency is factored in, the group’s revenue grew by 20 percent year-on-year, with Airtel Nigeria driving most of the growth with a 38.2 percent revenue growth. Also, the group incurred a $151 million loss due to the devaluation of the Naira during the period.

In line with its performance, the group declared an interim dividend of 2.6 US cents per share, marking a 9 percent increase from the 2.38 cents declared during the previous financial year.

During the period, Airtel Africa spent in line with its growth drive, with capital expenditure hitting $316 million, as the group projects a capital expenditure between $725 million and $750 million during the full year.

Read also: Seven key highlights from MTN Nigeria’s H1 financials

Airtel Africa has been on a drive to reduce its foreign currency-denominated debts, with about 89 percent of its operating cost debt now in local currency. However, the group’s lease liabilities are still denominated in USD, with the group extending its tower lease agreements with American Tower Corporation (ATC) for a further 12 years.

Airtel Africa currently leases about 7,100 sites from ATC in four different markets, and the new lease agreement cost the company about $1.2 billion.

Commenting on the group’s results, Sunil Taldar, Airtel Africa’s CEO noted, “We have seen our cost optimisation programme already show initial green shoots, which combined with operational leverage, has contributed to an expansion of our EBITDA margins in Q2’25 compared to the previous quarter. Foreign currency debt has fallen to just 11% of market debt at the end of September which reflects the work we have undertaken to de-risk the balance sheet.”

During the half-year, Airtel Africa’s customer base grew to 156.5 million, with Nigerians making up about 48.7 million of that number.

The consistent depreciation in the Naira’s value has seen Airtel’s Nigerian market decline in its contribution to the group. During the half-year, Airtel Nigeria posted revenue of $489 million, marking a 44 percent year-on-year decline from the $878 million revenue generated in H1 2024.

In H1 2024, Airtel Nigeria was the largest contributor to Airtel Africa’s revenue with $878 million, followed by its East African operations which generated $822 million. However, in H1 2025, the group’s East African operations revenue grew by 7.5 percent year-on-year to $883 million and its Francophone revenue grew by 5.2 percent year-on-year to $636 million.

Airtel Africa, which is listed on the Nigerian Exchange, has appreciated by 16.6 percent year-to-date to a share price of 2,200. The stock has maintained that share price since July 18.