Airtel Releases Results For Half Year Ended 30 September 2022
Double-digit revenue growth, margin resilience, and further strengthening of our balance sheet


Alternative performance measures 1
(Half year ended)
GAAP measures
(Half year ended) 
Description Sep-22 Sep-21 Reported
Description Sep-22 Sep-21 Reported
$m $m change change $m $m change
Revenue 2,565 2,272 12.9% 16.9% Revenue 2,565 2,272 12.9%
EBITDA 1,255 1,098 14.3% 17.8% Operating profit 872 732 19.1%
EBITDA margin 48.9% 48.3% 60 bps 38 bps Profit after tax 330 335 (1.5%)
EPS before exceptional items ($ cents) 6.8 7.5 (9.5%) Basic EPS ($ cents) 7.9 7.6 3.7%
Operating free cash flow 945 853 10.7% Net cash generated from operating activities 1,008 922 9.4%

(1) Alternative performance measures (APM) are described on page 42.

Segun Ogunsanya, chief executive officer, on the trading update:

 “Airtel Africa continued to deliver strong results as its purpose of transforming the lives of people across sub-Saharan Africa through digital and financial inclusion gained further momentum, with growth accelerating in the second quarter. Whilst we are not immune to the current macro-economic challenges and currency devaluation risks, I am pleased to report double-digit reported revenue growth in the period, largely driven by customer growth of 9.7% and ARPU growth of 7.2%, as we increased penetration and usage through our affordable service offerings. Our cost efficiency initiatives combined with improving growth trends have also helped offset inflationary pressures on our cost base and expand our EBITDA margin by 38bps in constant currency. We continue to de-risk our balance sheet and have further reduced HoldCo debt with the early repayment of $450m of bond in July.

We continue to invest for growth and have increased capital expenditure by 27% over the period, alongside a substantial investment into additional spectrum across several markets.

Following the receipt of the Payment Service Bank and Super-Agent licence in Nigeria during the period, we have launched our mobile money operations. We are excited about the opportunity in our biggest market and will continue to build trust and confidence in the brand, whilst investing in distribution to increase access to financial services for underserved communities within the country.

Today we have also published our inaugural sustainability report. The report provides a detailed review of our sustainability strategy that underpins our corporate purpose and sets out our achievements to date and our focus for the future.

Overall these results continue to demonstrate the effectiveness of our strategy, sound execution, and the resilience of our business despite the uncertain macro-economic environment. For the remainder of the financial year, we anticipate sustained growth in the business, alongside EBITDA margin resilience.”

Airtel Africa plc (“Airtel Africa” or “Group”) results for half year ended 30 September 2022 are unaudited and in the opinion of management, include all adjustments necessary for the fair presentation of the results of the same period. The financial information in this press release has been drawn from interim financial statements prepared based on International Accounting Standard 34 (IAS 34) issued by the International Accounting Standards Board (IASB) approved for use in the UK by the UK Accounting Standards Endorsement Board (UKEB) and apply the same accounting policies, presentation and methods of calculation as those followed in the preparation of the Group’s annual consolidated financial statements for the year ended 31 March 2022 except to the extent required/ prescribed by IAS 34. The Group’s auditors provide an independent review report on such interim financial statements (as reproduced on page 48 of this press release). This report should be read in conjunction with audited annual consolidated financial statements and related notes for the year ended 31 March 2022. Comparative annual information has been drawn based on Airtel Africa plc’s Audited Consolidated Financial Statements for the year ended 31 March 2022; with quarterly and half yearly information drawn from the unaudited IAS 34 financials of the respective periods. The Group’s auditors provided an independent review report on such half-yearly interim financial statements for the period ended 30 September 2021. All comparatives and references to the ‘prior period’ or ‘previous period’ in this report are for the reported metrics for the half year ended 30 September 2021 unless otherwise stated.

About Airtel Africa: Airtel Africa is a leading provider of telecommunications and mobile money services, with a presence in 14 countries in Africa, primarily in East Africa and Central and West Africa.

Airtel Africa offers an integrated suite of telecoms solutions to its subscribers, including mobile voice and data services as well as mobile money services, both nationally and internationally. We aim to continue providing a simple and intuitive customer experience through streamlined customer journeys.


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