Airtel Africa’s H1 results show customer growth

Airtel Africa announced its financial results for the half year ended September 30, 2024 and said revenue fell 9.7 percent due to currency devaluation.

Airtel Africa’s customer base grew 6.1 percent to 156.6 million. Airtel Africa’s mobile data subscriber base increased 10.4 percent to 66 million, with data usage per customer increasing 30.9 percent to 6.6 GB. Smartphone penetration also increased by 5.3 percent to 42.9 percent.

Airtel Africa’s mobile money subscribers rose 13.4 percent to 41.5 million. This growth reflects expanded sales efforts that drive financial inclusion. Transaction value increased 30.1 percent on a constant currency basis, with an annual transaction value of $128 billion.

Average data revenue per user (ARPU) increased by 13.5 percent. Airtel Africa’s mobile ARPU grew by 10.9 percent, supporting an 11.1 percent increase in overall ARPU.

Significant investment in network infrastructure resulted in a 20 percent increase in data capacity with the addition of over 2,800 sites and 3,500 km of fiber.

Sales rose by 19.9 percent in the first half of 2025, and growth was 20.8 percent in the second quarter of 2025. Nigeria recorded a significant increase in sales of 38.2 percent, while Francophone Africa recorded an increase of 9.0 percent. Mobile service revenue increased by 18.4 percent and mobile money revenue increased by 28.8 percent. However, due to currency devaluation, particularly in Nigeria, reported foreign exchange revenue fell by 9.7 percent.

EBITDA Margins: Higher fuel prices and lower contributions from Nigeria (due to Naira devaluation) impacted EBITDA margins, reducing them from 49.6 percent in the first half of 2024 to 45.8 percent in the first half of 2025. Cost efficiency efforts improved Margins rose to 46.4 percent in the second quarter, with EBITDA increasing 13.5 percent at constant exchange rates.

Profit after tax of $79 million was reduced by derivatives and foreign exchange losses of $151 million, primarily due to the devaluation of the Nigerian naira.

Earnings per share before special items fell from 7.0 cents to 4.9 cents due to the currency devaluation. Basic earnings per share improved to 0.8 cents, compared to negative 1.5 cents in the previous period.

Airtel Africa’s capital expenditure totaled $316 million, up 1.3 percent from the previous period. Full-year capex guidance remains between $725 million and $750 million, supporting growth-oriented investments.