• Friday, September 29, 2023
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Airtel’s profit jumps 25% to $178m in Q2

Airtel Nigeria partners smartphone brands to drive 5G connectivity

Airtel Africa, a telecommunication and mobile money services company reported a profit increase of 25 percent in the second quarter ending June 2022 to $178 million from $142 million in the same period last year, according to its recently released financial statement.

Its revenue grew by 13 percent to $1.26 billion in the period under review from $1.11 billion in the same period last year.

Nigeria recorded the highest total revenue growth of 18.3 percent, followed by East Africa’s revenue growth of 14.1 percent and 11.7 percent growth in Francophone Africa.

Read also: Africa Prudential posts 19% rise in half-year profit

However, the telecommunication company’s net cash generated from operating services was down by 13.2 percent to $388 million from $447 million in the corresponding period of last year.

Segun Ogunsanya, CEO of Airtel Africa, said “ I am also particularly pleased with our ongoing strengthening of the balance sheet which continued after the period ended, with early repayment of $450 million of debt at Group level.”