Airtel Africa’s third quarter pre-profit has surged by 129.60 percent as the telecommunication giant is increasingly seeing the success of its strategy to lead in the roll-out of our modernised 4G networks.
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The company said revenue growth was supported by solid results in Nigeria and East Africa and improved performance in the rest of Africa.
For nine months ended December 2019, profit surged to $501 million from $227 million the previous year.
Revenue followed the same growth trajectory as it spiked by 12.40 percent to $2.52 billion in the period under review as against $2.29 billion the previous year.
A breakdown of revenue figures showed data revenue increased by 39.0 percent to $677 million in the period under review while mobile data was up 40.40 percent to $228 million.
Airtel Africa has a free cash flow of $391 million in the first nine months ended December 2019; this represents a 90.40 percent from last year’s figure of $206 million.
A robust free-cash-flow means the company has enough ammunition and financial strength to fund its projects across the continent, meet its obligations, and reward shareholders in the form of dividend payment.
‘Today I am pleased to announce another set of strong results which further demonstrate our on-going ability to deliver against the opportunities offered by the markets in which we operate,” said Raghunath Mandava, Chief Executive Officer of Airtel Africa.
“Our financial performance in Q3 was strong as we delivered double digit revenue growth in both reported and constant currency,’’ said Mandava.
The company is investing in its Africa countries, as it acquired additional 10 MHZ spectrum in the 900 MHZ band in Nigeria for a consideration of $70 million.
