Airtel Africa Posts $248m Profit, Champions Education with Essay Contest

Samuel Mobolaji

Airtel Africa Plc has reported a profit after tax of $248 million for the nine-month period ending 31 December 2024, despite currency fluctuations impacting its overall earnings.

The telecom giant disclosed its financial performance in its third-quarter (Q3) results released on the Nigerian Exchange. The company noted that Q3 profit after tax was bolstered by a $94 million exceptional gain (net of tax) due to the appreciation of the naira and the Tanzanian shilling.

However, over the nine-month period, profit after tax was affected by $57 million in derivative and foreign exchange losses (net of tax).

Airtel Africa’s revenue grew by 20.4 per cent in constant currency to $3.64 billion, while EBITDA declined by 11.9 per cent to $1.68 billion, with margins impacted by rising fuel prices and Nigeria’s lower contribution to the Group.

The company’s customer base expanded by 7.9 per cent to 163.1 million, with data subscribers increasing by 13.8 per cent to 71.4 million. Data usage per customer surged by 32.3 per cent to 6.9GB, while smartphone penetration rose to 44.2 per cent. Mobile money subscribers also grew by 18.3 per cent to 44.3 million, with transaction values in Q3 reaching $146 billion on an annualised basis.

Airtel Africa’s CEO, Sunil Taldar, expressed confidence in the company’s growth trajectory, stating: “Our refined strategy, focused on delivering a superior customer experience, has driven our improved financial and operational performance. By enhancing our network, simplifying the customer journey, and executing with speed and quality, we are unlocking significant growth opportunities across our markets.”

He added that signs of currency stabilisation in key markets and the Nigerian Communications Commission’s (NCC) recent tariff adjustment decision signal a more stable operating environment.

Beyond financial performance, Airtel Africa reaffirmed its commitment to education by organising an Essay Competition in its adopted schools to mark the International Day of Education. Under its Employee Volunteer Scheme (EVS), the initiative engaged pupils from Basic 4 to 6, encouraging them to express their creativity and critical thinking on themes of education, technology, and community development.

Speaking on the initiative, Airtel Nigeria CEO, Dinesh Balsingh, stated: “This competition reflects our dedication to nurturing young minds. By providing a platform for students to share their ideas, we aim to inspire excellence and drive positive change in their communities.”

The competition saw Airtel employees mentor and judge participants, reinforcing the company’s commitment to education and youth empowerment across Nigeria.