Airtel Africa Plc Reports $2 Million Profit After Tax in Q3 2024

Date:

..Share Price at N2000:00

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Airtel Africa Plc, a leading telecommunications services company in the ICT sector, has released its Q3 2024 financial results, revealing a 1.4% decline in revenue.

Key Highlights:

  • Revenue experiences a 1.4% drop from $3.91 billion to $3.86 billion.
  • Profit before tax records $55 million.
  • Profit after tax amounts to $2 million.
  • Share price currently stands at N2000:00.

**Operating Key Performance Indicators (KPIs):

  • Total customer base grows by 9.1% to 151.2 million.
  • Mobile data and mobile money services penetration drive a 22.4% increase in data customers to 62.7 million and a 19.5% increase in mobile money customers to 37.5 million.
  • Constant currency ARPU growth of 10.0% driven by increased usage across all segments.
  • Mobile money transaction value increases by 41.3% in constant currency, with Q3’24 annualized transaction value of $116 billion in reported currency.

Financial Performance:

  • Revenue in constant currency grows by 20.2%, with Q3’24 growth accelerating to 21.0%.
  • Reported currency revenues decline by 1.4% to $3,861 million.
  • Constant currency EBITDA increases by 21.9%, with Q3’24 EBITDA growing 23.3%.
  • Profit after tax is $2 million, impacted by significant foreign exchange headwinds.
  • EPS before exceptional items is 7.1 cents, a decline of 34.6%.
  • Basic EPS at negative (1.6 cents), impacted by significant derivative and foreign exchange losses.

Capital Allocation:
– Capex of $494 million is 8.2% higher compared to the prior period.
– Leverage improves to 1.3x in December 2023 from 1.4x in the prior period.
– The Board intends to launch a share buy-back program of up to $100 million starting early March 2024 over a 12-month period.

Sustainability Strategy:
– Airtel Africa announces a five-year $57 million partnership with UNICEF to transform the lives of over one million children through educational programs by 2027.
– Launches Scope 3 strategy in November 2023, focusing on ongoing engagement with top-tier partners and suppliers to monitor their impact on the environment.

CEO Statement:
Olusegun Ogunsanya, Group Chief Executive Officer, expresses satisfaction with the sustained growth momentum and positive performance despite inflationary and currency headwinds. He emphasizes the vital nature of voice, data, and mobile money services provided by Airtel Africa, highlighting resilient demand. The company remains focused on executing growth plans and overcoming challenges like currency devaluation. Ogunsanya also mentions the intention to launch a share buy-back program, showcasing confidence in the company’s strong operating performance and growth opportunities in its markets.

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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