Telecommunications company Airtel Africa (AAF.L) on Thursday reported significant growth in nine-month pre-tax profit, while it turned around to attributable net profit from prior year's loss. Meanwhile, revenue declined on a reported basis, but was higher on constant currency basis.
On the London Stock Exchange, Airtel Africa shares were trading at 146.39 pence, up 10.07%.
The company posted a profit before tax of $494 million, up 796.6% from $55 million last year.
Net profit attributable was $164 million in the nine-month period, compared to a loss of $61 million in the same period last year. Airtel Africa recorded basic earnings per share of 4.4 cents, compared to a loss of 1.6 cents a year ago.
Revenues for the first nine-month of 2024 fell 5.8 percent to $3.64 billion from $3.86 billion a year ago. Revenues, however, grew 20.4% in constant currency.
Major contributors to the revenue growth were mobile services revenues, which grew by 18.8% in constant currency, along with voice revenue growth of 9.8% and data revenue growth of 29.5%. Mobile money revenue grew by 29.6% in constant currency.
Airtel Africa also reported a 7.9% growth in total customer base to 163.1 million. Data customer penetration also rose, with data customers growing 14% to 71.4 million.
In December 2024, the company announced a second share buyback programme, which will return up to $100 million to shareholders.
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