Airtel Africa

Airtel Africa Q2FY25 results: Net profit declines 80% to $24 million

Continuing devaluation of African currencies and higher finance costs remain drags

It's a marathon, both sides will benefit: Airtel Africa Foundation chief

Airtel Africa Foundation starts AI fellowship at IIT's first overseas campus

Airtel Africa's net profit down to $7 million in first quarter of FY25

Continuing devaluation of African currencies and higher finance costs remain drags

Airtel Africa reports $7 million net profit for Q1, revenue drops 16%

Bharti Airtel's Africa unit Airtel Africa has reported a consolidated net profit of USD 7 million for the June 2024 quarter against a USD 170 million loss in the year-ago period. Its net profit was primarily impacted by the USD 80 million of exceptional derivative and foreign exchange losses (net of tax) and lower EBITDA due to significant currency devaluation across key markets, Airtel Africa said. It had reported a loss of USD 91 million for the fourth quarter ended March 2024 on account of tax impact and forex loss. "Strong fundamentals and focussed execution continue to support operating performance despite challenging macro-economic environment," the company, which operates in 14 African countries, said. The company's consolidated revenue fell 16 per cent in Q1 FY25 to USD 1,156 million from USD 1,377 million a year ago. The decline in revenue reflects the impact of currency devaluation, particularly in Nigeria, the company said. "We have initiated a comprehensive cost ...

As Ambani eyes Africa with new telecom venture, should Airtel be worried?

Reliance Industries Ltd, through its subsidiary, is set to offer cutting-edge 5G shared network infrastructure solutions in Africa in collaboration with a local company supported by Ghana

Ambani sets sights on African telecom market, plans to develop 5G infra

Radisys Corp., a unit of Ambani-controlled Reliance Industries Ltd., will provide key network infrastructure, applications and smartphones for Ghana-based Next-Gen InfraCo

Bharti Airtel's Africa Ebitda likely to contract by about 20%: S&P Global

Bharti Airtel's Africa EBITDA is expected to be reduced by about 20 per cent in the current fiscal and register slow overall earnings growth, credit rating agency S&P Global said on Monday. The credit rating agency, however, said Bharti Airtel's overall earnings growth will likely remain on an uptrend, and its average revenue per user will continue to rise gradually in the Indian mobile market. "Currency-induced weakness in Bharti Airtel Ltd's African operations will weigh on earnings from that region and slow overall earnings growth. We expect that reported EBITDA from the African operations could contract by about 20 per cent in fiscal 2025 (year ending March 31, 2025) in Indian rupee terms," S&P Global said. Bharti Airtel on Tuesday posted a 31 per cent drop in consolidated profit to Rs 2,072 crore in the March 2024 quarter, mainly due to the devaluation of the Nigerian Naira. Airtel suffered a forex loss of Rs 2,544.4 crore on account of currency devaluation. "Africa ...

Airtel Africa mulls IPO of its mobile money unit eyes $4 bn in valuation

The firm hasn't decided where to list the unit, though executives are considering bourses in the United Arab Emirates, London and Europe among potential venues, they said

Airtel Africa names Sunil Taldar CEO, Olusegun Ogunsanya to retire in July

Ogunsanya will retire on July 1, 2024, after a 12-year-long stint in the company. He had run the Nigeria Operations of the Telecommunications and mobile money company for nine years before Airtel

Airtel Africa CEO Ogunsanya to retire, Sunil Taldar named successor

Airtel Africa on Tuesday announced the retirement of Chief Executive Officer Olusegun 'Segun' Ogunsanya, with effect from July 1, 2024, and named Sunil Taldar as his successor. Taldar, who joined Airtel Africa in October 2023 as Director Transformation, will begin the transition to the CEO role, working alongside Ogunsanya. After the transition period, Taldar will be appointed to the board as an executive director and assume the role of CEO on July 1, 2024, when Ogunsanya will step down from the board and retire from the company, Airtel Africa said in a release. "Airtel Africa plc today announced the retirement of the Chief Executive Officer, Olusegun Segun Ogunsanya, with effect from 1 July, 2024," the release said. Ogunsanya, who joined Airtel in 2012, ran the Nigeria operations of the telecommunications and mobile money company for nine years before being appointed as CEO of the group in 2021. "With local knowledge of the African landscape and deep distribution experience he l

Sunil Mittal's Airtel Uganda IPO failed to sell as investors prefer bonds

The demand for Ugandan government bonds maturing in 2033 exceeded the amount on sale by eight fold in an auction on Thursday

Airtel Africa Q2 results: Net profit falls nearly 9% to $138 million

Airtel Africa which operates in 14 African countries has reported an 8.8 per cent year-on-year decline in consolidated net profit at USD 138 million in the fiscal's second quarter ended September 2023. The profit after tax stood at USD 152 million in the year-ago period, according to a release by the company which provides telecommunications and mobile money services. Airtel Africa's revenue for the quarter ended September 2023 came in at USD 1,246 million. "In Q2'24, reported currency revenues declined by 4.7 per cent reflecting a full quarter's impact of the Nigerian naira devaluation in June 2023. The Q2'24 constant currency revenues increased by 19 per cent," the release said. Seen on a six-month window, in the half year ended September 2023, the loss after tax was at USD 13 million "driven largely by a foreign exchange loss of USD 471 million recorded in finance cost before tax and USD 317 million after tax because of the devaluation of the Nigerian naira in June 2023". This

Niger junta expels French Ambassador Sylvain Itte as tensions mount

France's ambassador was accredited by the foreign ministry under ousted President Mohamed Bazoum, Niger's Foreign Minister Hassoumi Massoudou said in a post on X, formerly known as Twitter, on Friday

Airtel Africa posts $151 million net loss in Q1; revenue rises 9.6%

Higher finance costs and June devaluation of Nigerian currency identified as contributing factors

Airtel Africa Q3 net profit rises 7.5% to Rs 1,586 cr, revenue up 10.7%

Telecom operator Bharti Airtel said its African arm Airtel Africa on Thursday posted a 7.5 per cent growth in profit after tax at USD 193 million, about Rs 1,586 crore, in the third quarter ended December 2022. The company had posted a profit after tax (PAT) of USD 180 million in the same period a year ago. "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. These strong results are testament to this strategy despite the current macro-economic and geopolitical uncertainties," Aitel Africa Chief Executive Officer Segun Ogunsanya said in a statement. The revenue of Airtel Africa during the reported quarter increased by 10.7 per cent to USD 1,350 million from USD 1,219 million in December 2021 quarter. In constant currency term, revenue of Airtel Africa grew 18 per cent. Total customer base of Airtel Africa increased by 10.1 per c

Airtel Africa profit after tax down 17.2% at $180 mn in Sept quarter

Airtel Africa's revenue grew 12.7 percent on a reported basis and 18.5 percent in constant currency, to $1,308 million in Q2 September 2022

Airtel Africa signs up for $125-mn credit pact with America's Citi

Airtel Africa has signed up for a USD 125 million revolving facility from American banking major Citi.

Airtel Africa clears dues worth $450 mn, purchases notes via tender offer

The company had issued a tender offer to purchase USD 300 million worth of its 5.35 per cent guaranteed senior notes of $1 billion due 2024.

Bharti Airtel International enhances buy back tender offer to $450 mn

The company had issued a tender offer to purchase USD 300 million worth of its 5.35 per cent guaranteed senior notes of USD 1 billion due 2024.

Airtel Africa profit after tax up 54% to $180 million in December quarter

Airtel Africa reported a 54.4 per cent increase in profit after tax (PAT) to $180 million for the December 2021 quarter.