Airtel Africa recorded an after-tax profit of $79 million for the six months ended September 30, 2024, an increase of 726.3 percent compared to its net profit for the same period last year, when the provider wireless services company suffered a net loss of $13. million.

Its unaudited results for the period released on Friday indicate the telco would have continued on a loss-making path without an $80 million tax windfall.

The tax gain resulted from derivatives and foreign exchange losses resulting from the devaluation of the Nigerian naira, Airtel Africa said. Nigeria is the largest telecommunications market.

The stock fell 5.5 percent in London, where the company is dual-listed, but was unchanged in Lagos after the financial report was released.

“We have already seen solid progress, with constant currency revenue growth accelerating over the last quarter, while demand for ourselves remains strong, as evidenced by the 48% growth in data volumes in the last quarter. during the first half, despite the difficult context in certain countries. of our markets,” said CEO Sunil Taldar.

“Additionally, we have seen our cost optimization program already show early signs of growth, which, combined with our operating leverage, contributed to an expansion of our EBITDA margins in the second quarter of 2025 compared to the previous quarter “, he added.

Revenue for the period fell 9.7 percent to $2.4 billion, with two of its main revenue sources – voice revenue and data revenue – seeing declines.

The company’s mobile money division grew its subscriber base by 13.4 percent to 41.5 million during the period under review.

Pre-tax profit was $178 million, up from $12 million.

In May, Airtel Africa announced that it had repaid $550 million, reaching a zero debt position within its holding company.

THE business had earlier announced a share buyback plan that allowed it to repurchase 61 million units of its own shares worth $88 million at the end of September.

Total assets rose to $10.6 billion from N9.9 billion at the end of March.
Airtel Africa has returned 16.6 percent so far this year on its listed share price Lagos.