Airtel Africa’s latest financials paint a complex picture — record highs in mobile money transactions set against a backdrop of severe currency headwinds, especially in Nigeria. The company reported a staggering $145 billion in mobile money transaction value for the fiscal year ending March 31, 2025, representing a 34% increase in constant currency. The number of mobile money customers also surged by 17.3%, hitting 44.6 million.
While the company’s performance in constant currency suggests solid growth, reported figures tell a different story. Total revenue stood at $4.96 billion, a 21.1% year-on-year increase in constant currency. Yet, after adjusting for currency fluctuations, particularly the naira’s devaluation, the reported revenue dropped by 0.5%.
Naira Devaluation Overshadows Revenue Gains
Nigeria, Airtel Africa’s largest market, remains both a core strength and a major risk factor. Despite a 35.8% growth in constant currency, Nigeria’s reported revenue plummeted by 44.2%, largely due to the naira’s free fall. Voice and data revenues in Nigeria climbed 23% and 44.4%, respectively, in local terms, but that growth couldn’t shield the company from the losses felt in dollar terms.
Earlier reports revealed Airtel lost nearly $500 million in Nigeria between 2023 and 2024, as revenue fell from $1.23 billion to $738 million — a 40.3% drop. The telco is not alone in this struggle. MTN Nigeria also posted steep losses, with ₦137 billion lost after tax and ₦656.4 billion in net foreign exchange losses during 2023.
To cope, Airtel Africa has adjusted its financial strategy by increasing its local currency debt exposure to 93.4%, up from 83% the year before. This move is designed to insulate the company from external currency shocks and enhance its financial resilience.
Mobile Services and Digital Push Power Growth
Despite economic pressures, Airtel’s core services are thriving. Mobile services revenue grew by 18.8% in constant currency, with voice revenue up by 9.8% and data usage fuelling a 29.5% rise in data revenue. Mobile money revenue itself saw a 29.6% jump.
The group’s profit after tax rose to $328 million from $103 million in the previous fiscal year. However, reported EBITDA slipped by 5.1% to $2.3 billion, due to rising fuel costs and Nigeria’s weakened contribution. Still, Airtel Africa maintained a strong EBITDA margin of 46.5%.
The customer base grew by 7.9% in just nine months, reaching 138.5 million subscribers. The company also reaffirmed its commitment to expanding its digital and network infrastructure, laying the groundwork for future growth despite the volatile financial climate.
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