Airtel Africa’s Profits Soar as Mobile Money and Data Drive Growth

Airtel Africa has reported a staggering $248 million profit after tax for the nine months ending December 2024, a massive leap from the $2 million recorded during the same period in 2023. This remarkable growth comes amid a favourable currency environment and increasing demand for mobile money and data services.

Strong Performance Boosted by Currency Gains

A significant contributor to Airtel Africa’s financial success was the appreciation of the Nigerian naira and Tanzanian shilling, which added $94 million to its bottom line. While revenue in constant currency climbed 20.4% to $3.64 billion, currency devaluations in some markets led to a 5.8% decline in reported revenue.

Despite these fluctuations, the company’s customer base expanded by 7.9% to 163.1 million. Data users surged by 13.8% to 71.4 million, with average data consumption per customer rising by 32.3% to 6.9GB per month. Smartphone penetration also reached 44.2%, reflecting a growing shift towards digital connectivity.

Mobile Money and Data Drive Revenue Growth

Airtel Africa’s strongest performers were its mobile money and data segments. Mobile money subscribers rose by 18.3% to 44.3 million, while transaction values soared by 33.3% to an annual total of $146 billion. Data revenue grew by 29.5%, mobile money revenue by 29.6%, and voice revenue by 9.8%.

This surge in user engagement led to a notable increase in Average Revenue Per User (ARPU), with data ARPU up by 15% and mobile money ARPU rising by 11.8%.

CEO Highlights Network Expansion and Digital Growth

Airtel Africa’s CEO, Sunil Taldar, credited the company’s success to improved network coverage, digital transformation, and enhanced customer experience. He noted that while economic challenges persist, the demand for Airtel’s services remains strong, and cost-efficiency measures have helped maintain healthy profit margins.

The company also benefits from regulatory support, particularly from Nigeria’s Communications Commission (NCC), which could provide greater stability moving forward. Despite ongoing macroeconomic uncertainties, Airtel Africa is committed to expanding its network and strengthening digital access to sustain its momentum.