Airtel Africa profit after tax zooms to $142 million in June quarter

Airtel Africa, Bharti Airtel’s African subsidiary, on Thursday said its profit after tax (PAT) more than doubled to $142 million (over Rs 1,051 crore) in June quarter compared to the year-ago period, amid higher operating profits along with stable net finance costs.

 

Airtel Africa provides telecom and mobile money services and has presence in 14 countries in Africa.

 

During the second quarter of FY21-22, reported revenue of the company grew nearly 31 per cent to $1,112 million (about Rs 8,229 crore), with constant currency growth of about 33 per cent. “Revenue growth partially benefitted from a weakened quarter in the prior year during the peak of Covid restrictions across the region,” the company said in a statement.

 

Even after adjusting for these effects, revenue growth rates for the group, service segments, and reporting regions were all ahead of fourth quarter 2020-21 trends.

 

“Profit after tax more than doubled to $142 million, up 148.7 per cent, largely due to the higher operating profits along with stable net finance costs which more than offset the increase in tax charges due to increased profits,” it said.Airtel Africa clocked strong revenue growth across all regions, including Nigeria (up 38.2 per cent), East Africa (32.8 per cent), and Francophone Africa (24.9 per cent).