Airtel Africa Plc (Nigeria) – FY21 revenue up 20.6% to $4,714m

By Published On: June 9th, 2022Categories: Corporate announcement, Earnings

Airtel Africa Plc (AIRTEL.ng) 2022 Abridged Report

Full-year highlights

    • Reported revenue grew by 20.6% for the year, to $4,714m, and 17.8% for Q4. Constant currency underlying revenue grew 23.3%
      for the year and 19.1% in Q4.
    • Constant currency underlying revenue growth was strong in all regions: Nigeria up 27.7%, East Africa up 22.7% and Francophone Africa up 17.2%; and across all key services, with revenue in Voice up 15.4%, Data up 34.6% and Mobile Money up 34.9%.
    • Underlying EBITDA of $2,311m, grew by 29.0% in reported currency.
    • Underlying EBITDA margin of 49.0%, increased by 294 basis points.
    • Operating profit grew by 37.2% to $1,535m in reported currency.
    • Profit after tax grew by 82.0% to $755m.
    • Basic EPS of 16.8 cents, an increase of 86.5%. EPS before exceptional items of 16.0 cents (FY’21: 8.2 cents).
    • Operating free cash flow of $1,655m, up 40.5%, with net cash generated from operating activities up 20.7% to $2,011m. Over the last twelve months the business has repaid nearly $1.4bn of debt at HoldCo as a result of strong cash upstreaming across its OpCos and proceeds from minority investments in mobile money and tower sales.
    • Leverage ratio improved to 1.3x from 2.0x in the prior year, with $1bn of debt now held at HoldCo (FY’21: $2.4bn).
    • Customer base of 128.4 million, up 8.7%, with increased penetration across mobile data (customer base up 15.2%) and mobile money services (customer base up 20.7%). NIN/SIM regulations in Nigeria impacted customer growth in H1, but then returned to strong growth, adding 4 million customers in Nigeria during H2’22.
    • Board recommends a final dividend of 3 cents per share, making total FY’22 dividends 5 cents pershare (FY’21: 4 cents).

Airtel Africa Plc (AIRTEL.ng)

Share price: 1,905.40 NGN (0.00 | 0.00% – 15/08/22)

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