Revenues, earnings jump at Airtel Africa

(Sharecast News) - Airtel Africa posted a surge in quarterly earnings on Friday, after the British firm boosted coverage and customer numbers rose.

Revenues at the blue chip, which provides telecoms and mobile money services in 14 sub-Saharan African countries, rose 32.9% - or by 24.7% on a constant currency basis - to $1.7bn in the three months to December end.

Within that, mobile money revenues were 28% higher at $362m, while voice and data revenues rose 14.1% and 35.5% respectively, to $605m and $664m. The total customer base strengthened 10% to 179.4m.

Earnings before interest, tax, depreciation and amortisation were up 31%m $836m.

Sunil Taldar, chief executive, said: "These results highlight the strength of our strategy, with strong operating and financial trends across the business.

"During the quarter, we accelerated investment to enhance coverage and data capacity, while also expanding our fibre network.

"Coupling this investment with innovative partnerships, strengthens our customer proposition and positions us to capture the considerable growth opportunity across our markets."

He concluded: "These results reinforce our confidence in the long-term potential of our markets and ability to create value for all our stakeholders."

Shares in Airtel Africa spiked 8% as trading got underway, before falling back, and by 0845 GMT they were off 3% at 330p.