Q1: Airtel Africa Records $851m Revenue, $57 m Net Profit

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Goddy Egene

Airtel Africa Plc has reported a net profit of $57 million for the first quarter (Q1) ended June 30, 2020, showing a decline of 56 per cent compared with $132 million in the corresponding period of the previous year.

The telecommunications firm posted an increase of 6.9 per cent from $796 million to $851 million in the corresponding. The growth in revenue was largely supported by healthy growth in Data (up 28 per cent) and Mobile Money (20.0 per cent) while Voice revenue (down 3.2 per cent) declined.

Higher depreciation (up 8.8 per cent, higher net finance costs (up 20.7 per cent) and absence of exceptional non-operating income affected the pre-tax profit, declining by 33.5 per cent to $111 million from $167 million. Net profit dipped 56.8 per cent to $57 million from $132 million as a result of a 57.3 per cent jump in tax expenses.