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UPDATE 1-Airtel Africa profit more than doubles in first report since IPO

Published 26/07/2019, 07:57
© Reuters. UPDATE 1-Airtel Africa profit more than doubles in first report since IPO
BRTI
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9984
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(Adds details on earnings, executive quote, context)
July 26 (Reuters) - Airtel Africa Plc AAF.L reported a
quarterly pretax profit on Friday that more than doubled, as the
telecoms company signed up more customers for its mobile and
data services and was boosted by double-digit growth in Nigeria
and East Africa.
The company, which debuted on the London Stock Exchange last
month, is backed by investors including SoftBank Group Corp
9984.T , Warburg Pincus and Temasek Holdings (Private) Ltd. It
operates in a region that has a large untapped market, while its
European peers have been suffering. Airtel Africa, a unit of India's Bharti Airtel Ltd
BRTI.NS , said pretax profit for the first quarter ended June
30 rose to $167.4 million from $80.2 million a year earlier.
"The business continues to show momentum and we are
confident of delivering sustained growth across voice, data and
mobile money, underpinning our medium-term aspirations for
revenue and profit growth," Chief Executive Officer Raghunath
Mandava said in a statement.
Total revenue rose 6.9% to $795.9 million in the three
months, boosted by a 9.3% rise in the company's customer base to
99.7 million despite a hit from currency translation.
Airtel Africa said devaluation of the Zambian Kwacha,
Malawian Kwacha and Central African Franc largely drove a $23
million hit to revenue in the quarter.
Up to Thursday's close, the company's London-listed shares
had risen 3% since debut.
The company's shares also made their Nigerian debut with a
flotation in Lagos earlier this month.

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