Overview:
Airtel Africa's loss after tax was $89 million, primarily impacted by significant foreign exchange headwinds. Basic EPS was negative 4.4 cents, compared to 17.7 cents last year. EPS before exceptional items was 10.1 cents, a decline of 25.9%.
Airtel Africa Plc has announced its financial results for the year ended March 31, 2024, showcasing a resilient performance with strong underlying momentum. Despite a challenging macro-economic environment, the company achieved a 9.0% growth in its total customer base, reaching 152.7 million customers.
The company’s mobile money subscriber base grew by 20.7%, with a 38.2% increase in transaction value in constant currency. The annual transaction value reached over $112 billion in reported currency, reflecting the increased adoption of Airtel Africa’s financial services.
Airtel Africa’s revenue in constant currency grew by 20.9%, with growth accelerating to 23.1% in the fourth quarter of 2024. Nigerian constant currency revenue growth accelerated to 34.2% in the fourth quarter, despite the challenging economic backdrop. However, reported currency revenues declined by 5.3% to $4,979 million due to currency devaluation, particularly in Nigeria.
The company’s EBITDA margins remained resilient at 48.8% despite currency headwinds and inflationary pressure on its cost base. Constant currency EBITDA increased by 21.3%, while reported currency EBITDA declined by 5.7% to $2,428 million.
Airtel Africa’s loss after tax was $89 million, primarily impacted by significant foreign exchange headwinds. Basic EPS was negative 4.4 cents, compared to 17.7 cents last year. EPS before exceptional items was 10.1 cents, a decline of 25.9%.
The company’s capital allocation priorities include a share buyback program of up to $100 million over a period of up to 12 months. The Board has recommended a final dividend of 3.57 cents per share, making the total dividend for FY24 5.95 cents per share.
Airtel Africa’s sustainability strategy includes a landmark five-year $57 million partnership with UNICEF to provide access to educational resources, free of charge, across 13 markets. The company has also partnered with the Government of Rwanda to launch the ConnectRwanda 2.0 initiative, aiming to provide over a million people with affordable smartphones to bridge the digital divide.
Olusegun Ogunsanya, Chief Executive Officer, commented, “Our consistent deployment of our ‘Win with’ strategy has supported the acceleration in constant currency revenue growth over the recent quarters, reducing the impact of currency headwinds faced across most of our markets. We will continue to focus on reducing our exposure to currency volatility and delivering against the growth opportunity that exists across our markets.”