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Airtel Africa’s Customer Base Grows to 152.7 Million, Records $165 Million Net Loss in FY24

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In Short:

Airtel Africa, the second-largest telecom operator in Africa, reported growth in its customer base and data usage in the yearly performance report for FY24. The telco’s overall customer base grew by 9%, with data customers increasing by 17.8%. Despite net losses due to currency devaluation, Airtel Africa’s mobile services revenue and mobile money revenue grew significantly. The telco continued to invest in network infrastructure, increasing 4G coverage to 95% of mobile sites. Chief Executive Officer Olusegun Ogunsanya highlighted the success of the ‘Win with’ strategy in driving revenue growth amid currency headwinds and inflationary pressures for customers across markets.


Airtel Africa Reports Growth in Customer Base and Revenue for FY24

airtel africa customer base at million net

Airtel Africa, the second-largest telecom operator in Africa, has released its yearly performance report for FY24. The telco has announced that its overall customer base has grown by 9% to 152.7 million. The data customers have shown a significant increase of 17.8% to 64.4 million, along with a 20.8% increase in data usage per customer. Additionally, the mobile money subscriber base has grown by 20.7%, leading to a total transaction value increase of 38.2% in constant currency, reaching over $112 billion.

Financial Results and Performance Metrics

Airtel Africa has seen an 8.6% growth in Average Revenue Per User (ARPU). The company continued to invest in network infrastructure and expanded its 4G coverage to 95% of its mobile sites, resulting in a 42.3% increase in 4G customers over the year.

Despite the growth in customer base and expanded coverage, Airtel Africa reported a net loss of $165 million for the year, with a Q4 FY24 net loss of $104 million. The company attributed this loss primarily to currency devaluation, particularly in Nigeria.

The group’s mobile services revenue grew by 19.4% in constant currency, while mobile money revenue saw a 32.8% growth in constant currency, especially in East Africa.

Capex and Investments

The company’s capital expenditure (Capex) remained almost flat at $737 million, below the company’s guidance, as a significant portion of Capex was deferred to investments in data centers. Airtel Africa also spent $152 million on license renewal and spectrum acquisitions, along with $127 million on Nigerian 3G license renewal.

In a statement, Olusegun Ogunsanya, Chief Executive Officer (CEO) of Airtel Africa, commented, “The consistent deployment of our ‘Win with’ strategy supported the acceleration in constant currency revenue growth over the recent quarters, which has reduced the impact of currency headwinds faced across most of our markets. This strong revenue performance is a reflection not only of the opportunity that is inherent across our markets but also the resilience of our affordable offerings despite the inflationary pressure many of our customers have experienced.”

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