Airtel Africa H1 profits surge to $79 million

Sunil Taldar Airtel Africa’s Chief executive officer

Airtel Money remains a cornerstone of the Group’s profitability strategy, facilitating financial inclusion through reliable and accessible digital transactions

Kampala, Uganda | THE INDEPENDENT | Airtel Africa, a leading telecommunications provider and Airtel Money services operator across 14 African countries, has announced substantial growth in profitability, attributed to its refined strategy aimed at enhancing customer experiences continent-wide.

For the half-year ending September 30, 2024, the company reported profits of $79 million, a significant increase from $13 million in the same period last year. This growth is particularly driven by steady revenue increases in the East African region, which includes Uganda, Kenya, Malawi, Rwanda, Tanzania, and Zambia, bolstered by a 13.4% rise in mobile money revenue, totaling $466 million compared to $416 million in September 2023.

Airtel Money remains a cornerstone of the Group’s profitability strategy, facilitating financial inclusion through reliable and accessible digital transactions. During the review period, Airtel expanded its exclusive distribution network, ensuring service availability even in rural areas. The number of kiosks and mini shops grew by 9.1%, and Airtel Money branches saw an increase of over 6.7%. Additionally, the non-exclusive mobile money agent network expanded by 40%, thanks to successful digital onboarding initiatives.

The mobile money customer base has surged to 41.5 million, up from 36.5 million in 2023, contributing 19.6% to the Group’s overall revenues, with an annual transaction value of $128 billion reported.

Sunil Taldar, Chief Executive Officer of Airtel Africa, said that this robust growth is a testament to the company’s strategic execution.

“The sustained operational momentum we’ve achieved reflects our team’s ability to effectively implement our refined strategy,” he stated.

To meet evolving customer expectations, Taldar noted that Airtel will enhance its distribution strategies, streamline customer journeys, and improve network experiences. This approach will unlock significant growth opportunities in the African market, particularly as the company scales its B2B and home broadband segments.

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