AIRTEL Africa Revenue Up By 15.1% In Q1 2020

AIRTEL Africa Plc. revenue  in the first quarter of 2020 surged by 15.1%,  up from $781 million in the same period in 2019,  to $899  million.

The CEO, Raghunath Mandava, said the strong result was, “Underpinned by significant improvement in our free cash flow generation and reduced leverage.”

The report released on Wednesday, titled, “AIRTEL Africa Plc year ended March 31,”  revealed that voice revenue surged by 5.9% to $510 million from $482 million, while revenue from data increased  by 35.65, up to  $253 million from $187  million.

Revenues from  mobile money payment  rose by 24.8% to $83 million from $67 million recorded in Q1 2019, while   other revenues accounted for 12.8% at $77 million up from $69 million recorded in the corresponding quarter of 2019.

 “These results also demonstrate the strength and resilience of our business and the effectiveness of our strategy- with all business services, voice, data and mobile money, contributing to revenue growth,” Mandava added.

 The sector is seen as one of the best performing sectors  during the pandemic, but  the company’s profit plummeted by 12.8% to $77 million, from $88 million recorded in the first quarter of 2019. 

 “We enter a period of increased volatility in a strong financial position and our view on the meduim- term opportunities across our footprint has not changed,” the telcom firm  said regarding the preceding quarters.  adding that, “our performance during the month of April has been resilient despite customers being impacted by lower disposable income and restrictions on movements.”

Similarly, AIRTEL Africa’s revenue increased by11.2% , up from $3.077 billion recorded at the end of the company’s fiscal year in March 2019, to $3.422 billion at the end of March 2020, while  profit rose  by 4.4% to $408 million during the 2019 operation ended 2020, from $426 million previously recorded.