Airtel Africa Reports $415M Profit for the Financial Year Ended March 2021; Declares additional Dividend

Leading telecommunications company, Airtel Africa Plc, has released its latest earnings report for the financial year ended March 31st, 2021. The report, which was obtained by Business Elites Africa, showed that the telco’s profit for the period increased to $415 million, up from $408 million during the comparable period last year.

Key Highlights of Airtel Africa’s Financial Statement

• Reported revenue grew by 14.25 to $3.9 billion, propelled by voice revenue ($2 billion), data revenue ($1.1 billion), mobile money revenue ($401 million) and other revenue ($347 million).
• Total expenses increased from $1.9 billion in 2020 to $2.1 billion during the period under review.
• Earnings before interest, taxes, depreciation and amortization (EBITDA) stood at $1.7 billion, up from $1.5 billion in 2020.
• Again, profit after tax stood at $415 million, up from $408 million.
• The company’s Board recommended additional dividend of 2.5 cents per share, thereby bringing the total dividend for FY21 to 4.0 cents per share.

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The CEO’s Remarks on the Financial Statement

While commenting on the company’s financial performance, Chief Executive Officer, Raghunath Mandava, thanked every staff of Airtel Africa Plc as well as business partners and even government regulators for contributing to the recorded success. He also noted that all 14 countries where the company currently operates actively contributed to the recorded success.

“In these challenging times I want to say a huge thank you to all our employees, our business partners, and governments and regulators who have supported us, and in turn facilitated our continued support to the economies and communities we serve.

“Our performance has been strong, with reported growth of 13.6% in underlying revenue and 18.3% in underlying
EBITDA, and constant currency growth of 19.4% and 25.2% respectively. Contributions to this growth came across all regions, with particular improvement in Francophone Africa, and across all our major services, with mobile money, data and voice each posting double-digit revenue growth.

“Our customer base also grew strongly for most of the year with new customer registration requirements in Nigeria stemming our onboarding of new customers in the final quarter, and these restrictions were lifted in second half of April. In line with our strategy of unlocking value in our mobile money business, we will soon welcome two new minority investors (The Rise Fund and Mastercard) in agreed transactions which value this part of our business at $2.65bn, as well as bringing $300m into the Group. We have also agreed to sell more of our tower portfolio, yielding yet more cash for the business,” Raghunath Mandava said.

You may download the financial statement by clicking here.

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