Airtel Africa Plc Records 9.6% Revenue Growth With 4.5 cents EPS Due to Naira Devaluation

Published On: July 27, 2023Company: Airtel Africa Plc (
What is the impact of the naira devaluation on Airtel's results?
The annualised impact of the devaluation in Nigeria, assuming no further devaluation for the remainder of the year, is expected to be between $850m and $900m on annualised revenues and between $450m and $500m on annulised EBITDA, with the most significant impact expected to materialise in the 2nd quarter. Basic EPS at negative (4.5 cents) was primarily impacted by derivative and exchange losses following naira devaluation in June 2023.


  • Total customer base grew by 8.8% to 143.1 million
  • Constant currency ARPU growth of 11.1% largely driven by increased usage across voice, data, and mobile money
  • Mobile money transactions value increased by 47.2% in constant currency, with Q1’24 annualised transaction value of $107bn in reported currency

Financial Performance

  • Revenue in constant currency grew by 20.4%, with reported currency revenues up by 9.6% to $1,377m
  • Growth was seen in each segment, with mobile services revenue growing by 19.1%, voice revenue by 11.9%, data revenue by 29.8%, and mobile money revenue by 31.2%
  • EBITDA increased by 22.5% in constant currency, and 11.1% in reported currency to $682m, with an EBITDA margin of 49.5%,
  • Profit after tax was negative ($151m) largely due to a $471m foreign exchange loss
  • EPS was 3.9 cents (excluding exceptional items), and 6.0 cents (excluding exceptional items and foreign exchange and derivatives losses)
  • Leverage of 1.3x is broadly stable

Sustainability Strategy

  • Published Annual Report and Accounts 2022/23 in June 2023
  • Five-year $57m partnership with UNICEF was launched across eight markets to provide access to educational resources to 250,000 children
  • Ambition to achieve 62% reduction in Scope 1 and 2 emissions intensity by 2032, and net zero by 2050

Financial Review for the Quarter Ended 30 June 2023

  • Revenue grew by 9.6%, with constant currency growth of 20.4% for the Group
  • Double-digit constant currency revenue growth was seen across all reporting segments
  • Net finance costs were impacted by revaluation of balance sheet liabilities and derivatives due to naira devaluation, resulting in $4170m non-operating exceptional item
  • Total tax charges reflected an exceptional gain of $154m on account of naira devaluation
  • Basic EPS at negative (4.5 cents) was primarily impacted by derivative and exchange losses following naira devaluation in June 2023
  • Leverage at 1.3x, flat YoY; cash at holding company was $505m at the end of the period

Useful links

About Airtel Africa Plc (

Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa. Airtel Africa offers an integrated suite of telecommunications solutions to its subscribers, including mobile voice and data services as well as mobile money services both nationally and internationally. The Group aims to continue providing a simple and intuitive customer experience through streamlined customer journeys. Airtel Africa Plc is listed on the Nigeria Stock Exchange

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