Airtel Africa has announced a profit after tax of $248 million approximately N190.4 billion, for the nine-month period ending December 2024.

In the company’s financial statement filed on the Nigeria Exchange Limited on Thursday, the company recorded growth in its revenue, with mobile money transactions increasing by 29.6% year-on-year to reach $731m. The revenue from mobile services also surged by 21.3%, contributing significantly to the overall performance.

However, despite these gains, the company experienced an 11.9% decline in earnings before interest, taxes, depreciation, and amortisation due to ongoing inflationary pressures and currency fluctuations in some of its markets.

Airtel Africa’s mobile subscriber base saw a notable increase, rising by 7.9% to 163.1 million users, which helped drive the growth in revenue, particularly from data services. The company also continues to invest heavily in expanding its network, with capital expenditures (Capex) totalling $456 m (about N352 bn) for the period.

The Chief Executive Officer of Airtel Africa, Sunil Taldar, highlighted the company’s commitment to delivering exceptional customer experience and creating value for all stakeholders.

Taldar emphasised that the company’s strategic focus on network investment, customer journey digitisation, and speed in execution is helping Airtel Africa unlock substantial growth opportunities across its markets.

He noted that the strong demand for the company’s services, despite a challenging economic environment, underscores the resilience of its business model.

Taldar also pointed to recent encouraging developments, such as the stabilising currency in some markets and the Nigerian Communications Commission’s decision on tariff adjustments, which he believes will create a more favourable operating environment.

The PUNCH reports that Airtel Africa, a telecommunications and mobile money services provider, has announced the launch of a second share buyback programme aimed at returning up to $100m to its shareholders.