February 3

Mobile Money Contributed 10% of $2.87 Billion Revenue Generated by Airtel Africa in 2020

By Tomiwa Onaleye

Telecom giants, Airtel Africa has posted significant growth in 2020 despite the economic strain caused by the Covid-19 pandemic. This is according to its recently released financial report for nine months between March 2020 and December 2020.

The company reported a revenue of $2.87 billion, a 13.8% increase from the 2.52 billion generated during the same period last year. The recorded growth was spread across all its market with Nigeria (its biggest market) contributing the highest.

Airtel recorded growth across all regions: Nigeria up 21.6%, East Africa up 23.4% and Francophone Africa up 8.0%

Airtel’s strong revenue growth drove a 21% increase in its operating profit before tax- $800 million. But, the profit after tax fell below last year’s numbers, dropping 21% to record $261 million.

Photo courtesy of John O’Bryan/USAID.

Source: TechNext (link opens in a new window)

Finance, Technology
data, fintech