Airtel Africa PLC has delivered a strong start to the year, reporting a 15.4% increase in revenue for the quarter ended March, reaching $1.038 billion compared to $899 million in the same period last year. Net profit more than doubled to $154 million, up from $77 million, driven by a combination of subscriber growth and increased Average Revenue Per User (ARPU). The company’s customer base grew 6.9% to 118.2 million, while ARPU rose 7.7%, highlighting resilience despite slowing subscriber expansion.

Currency devaluations across key markets, including the Nigerian naira (-10%), Zambian kwacha (-34%), and Kenyan shilling (-5.7%), collectively reduced revenue by $171 million. The appreciation of the Central African franc (+7.1%) partially offset this. Additionally, a one-time gain of $20 million from a Niger settlement contributed to the net profit. Basic Earnings Per Share (EPS) stood at 9.0 cents, slightly below last year’s 10.3 cents due to share count variations and increased tax obligations.

Regionally, Nigeria delivered robust results, with revenue climbing 12% to $422 million from $377 million last year. East Africa recorded a 15.4% increase, while Francophone Africa led growth at 20.9%. The East Africa segment covers Kenya, Malawi, Rwanda, Tanzania, Uganda, and Zambia, while Francophone Africa includes Chad, DRC, Gabon, Madagascar, Niger, Republic of the Congo, and Seychelles.

Analyzing service segments, mobile services including voice and data recorded double-digit growth, rising 13.1% to $955 million. Voice revenue alone reached $547 million, supported by 118.2 million subscribers and a 16.4% increase in average usage to 234 minutes per customer. Nigeria was the largest contributor to voice revenue ($422 million), followed by East Africa ($358 million) and Francophone Africa ($260 million).

Data services emerged as a primary growth engine, posting a 24.2% increase to $315 million. The data subscriber base expanded to 40.6 million, while usage per customer surged 44.2% year-on-year to 2.6 GB per month. This growth was driven by ongoing 4G network expansion and popular data bundle offerings. Data revenue now contributes 29.8% of total Group revenue, up from 27.2% last year. Nigeria accounted for $152 million, East Africa $92 million, and Francophone Africa $70 million.

Mobile Money continues to outperform other segments, generating $110 million in revenue, a 32.7% increase, and representing 10.6% of total revenue. Growth was fueled by a 6% rise in ARPU to $1.7, merchant payments, peer-to-peer transfers, cash transactions, and Airtel Money recharges. The mobile money network expanded with a 30.7% increase in agents, 68.8% more kiosks, and a 95% rise in branches. East Africa remains the largest market at $79 million (+36.4%), with Francophone Africa contributing $31 million (+24.1%).

Airtel Africa also secured strategic investments for its mobile money arm, Airtel Mobile Commerce BV, with $200 million from TPG’s The Rise Fund and $100 million from Mastercard. The investments value the business at $2.65 billion on a cash and debt-free basis, with Airtel retaining a majority stake and plans to explore a potential listing within four years. A new commercial framework with Mastercard covers card issuance, payment gateway, merchant acceptance, and remittance solutions.

The company confirmed that COVID-19 had no material impact on its business during the quarter. Airtel Africa is also developing a sustainability framework, with plans to release its inaugural sustainability report in 2022, reflecting a commitment to long-term environmental and social governance.