One of Africa’s biggest mobile network operators, Airtel Africa, had declared a profit of $523 million over a nine months period ending December 31, 2022.
The profit margin, according to a financial report released by the company, showed a 12.1% increase from $514 million during the same period the previous year.
The report further stated that the company’s mobile services revenue in Nigeria grew by 20.9 percent, while East African revenue increased by 11.9 percent, just as 11.8 percent was recorded in Francophone Africa.
Revenue from voice services from its African operations increased by 12.7% while data recorded a revenue rise of 22.3%.
The company’s mobile money service recorded a 29.8% growth, largely attributed to a 32.5% growth in East Africa and 21.7% in the Francophone Africa market.
The financial report released by the Chief Executive Officer of Airtel Africa, Segun Ogunsanya, also said company’s total customer base increased to $138.5 million, up by 10.1 per cent, with the company saying it spent $490 million over the last nine months on its 4G and 5G spectrum across key markets to improve quality.
“The company’s total customer base increased by 10.1% to hit 138.5 million as the penetration of mobile data and mobile money services continued to rise, driving the data customer base up 13.6 percent and mobile money customer base up 22.2 percent,” the report said.
“Providing affordable, innovative, and essential services to customers in our 14 markets with unparalleled network quality and customer service is integral to our ambition of transforming lives across Africa.”
“Over the last nine months we have spent almost $490 million on 4G and 5G spectrum across key markets to improve network capacity and quality, future-proof the company for continued growth opportunities, and facilitate economic progress in all our markets,” Ogunsanya said.