Kampala, Uganda – Airtel Africa, a leading telecommunications and mobile money services provider, has reported a significant turnaround in profitability, posting a $79 million profit after tax for the half-year ended September 30, 2024. This marks a substantial improvement from the $13 million loss recorded in the same period last year.
The company’s refined strategy, focused on delivering exceptional customer experiences, has driven steady revenue growth in East Africa, particularly in Uganda, Kenya, Malawi, Rwanda, Tanzania, and Zambia. Airtel Money, the company’s mobile financial service, has been a key driver of this growth, with a 13.4% increase in revenue to $466 million.
Airtel Africa’s CEO, Sunil Taldar, attributed the success to the company’s strategic focus on customer experience. “Our teams have executed our strategy brilliantly, refining our approach to deliver best-in-class experiences for our customers,” Taldar said. “We will continue to strengthen our distribution, simplify customer journeys, and provide a top-notch network experience to unlock Africa’s significant growth opportunities.”
The company’s mobile money customer base has expanded to 41.5 million, up from 36.5 million in 2023, with an annual transaction value of $128 billion. Mobile money revenue now contributes 19.6% to the Group’s overall revenues.
Airtel Africa’s distribution network has also seen significant expansion, with a 9.1% growth in kiosks and mini-shops, and a 6.7% increase in Airtel Money branches. The non-exclusive mobile money agent network has expanded by 40%, driven by digital onboarding.
This robust growth underscores Airtel Africa’s commitment to financial inclusion and digital transformation in Africa.
Key Highlights:
- $79 million profit after tax, up from $13 million loss in 2023
- 13.4% increase in Airtel Money revenue to $466 million
- 41.5 million mobile money customers, up from 36.5 million in 2023
- Annual transaction value of $128 billion
- 19.6% contribution of mobile money revenue to Group revenues
