Business

Airtel Africa reports $415m profit

Airtel Africa Plc has reported a profit after tax of $415 million for the year ended March 31, 2021. The profit after tax, increased by 1.8 per cent from $408 million posted in 2020. According to the telcom firm, “this was largely flat compared with the previous year result of the prior period recognition of a one-off gain of $72 million related to the expired indemnity to certain pre-IPO investors and a higher deferred tax credit of $15 million and one-off derivative gain of $47 million in the prior year, as well as higher tax in the current year. Excluding the prior year benefits from exceptional items and the one-off derivative gain, profit after tax increased 47 per cent.

Reported revenue grew by 14.2 per cent, driven by 19.4 per cent growth in underlying constant currency revenue, partially offset by currency devaluations, mainly in the Nigerian naira (10 per cent), Zambian kwacha (34 per cent) and Kenyan shilling (5.7 per cent), in turn partially offset by appreciation in the Central African franc (7.1 per cent). Reported revenue benefitted from a one-time exceptional revenue of $20 million relating to a settlement in Niger. Operating profit was $1,119 million, up 24.2 per cent in reported currency, largely a function of strong revenue growth and lower operating expenditures in proportion to revenue.

In constant currency operating profit grew by 32.8 per cent. Speaking on the trading update, the Chief Executive Officer, Raghunath Mandava, said: “In these challenging times, I want to say a huge thank you to all our employees, our business partners, and governments and regulators who have supported us, and in turn facilitated our continued support to the economies and communities we serve.

 

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