Airtel Africa’s Revenue in Nigeria Exceeds Earnings from East Africa, Francophone Businesses

Airtel Africa’s revenue increased by 17.8 percent in the first quarter of this year with the Nigerian market accounting for the largest chunk of the earnings generated from data consumption and voice calls.

Airtel Africa’s Revenue in Nigeria Surpasses Earnings from East Africa, Francophone Businesses

The Bharti Airtel subsidiary generated $1.22 billion in the first three months of 2022 across its 14 markets in Africa, surpassing the $1.03 billion the network provider reported in the first quarter of 2021.

The Airtel Africa’s Q1 2022 financial statement showed that the company’s turnover rose by 27.7 percent in Nigeria during the period under review, more than the earnings reported in East Africa (22.7 percent) and Francophone Africa (17.2 percent).

The company reported that operating profit rose to $390 million in Q1 this year compared to $319 million recorded in Q1 2021 as voice, data and mobile money revenue rose by 13.6 percent, 27.9 percent and 29 percent respectively.

It recorded $611 million as earnings from voice or airtime sales between January and March against the $547 million generated from the business segment in Q1 last year.

The turnover from data usage was placed at $397 million in the first quarter of 2022, surpassing the $315 million Airtel Africa grossed during the same period in 2021.

Airtel Africa posted $147 million from Mobile Money business during the period under review in contrast to the $110 million it generated from the venture in Q1 2021.

The company grossed $240 million as profit after tax, up by 56 percent from the $154 million posted in the same period last year.