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Revenue Growth on the back of Increased Customer Base

Airtel Africa Financial Year ended Mar-2022 revenue grew by 20.6% for the year to close at $4714.55Mn, and 17.84% for Q4. This could largely be attributed to an increased customer base, as it rose by 8.7% to 128.4mn (previously 118.20mn). A further breakdown of the customer base reflects the increased penetration of mobile data and mobile money services by 15.0% and 20.7%, respectively. NIN/SIM regulations in Nigeria hindered customer growth in H1’22 but later returned to tremendous growth in H2’22 by adding 4million customers in Nigeria in H2’22.

Net Finance Costs were broadly flat

Net finance costs were broadly flat, as lower foreign exchange and derivative losses, higher interest income, and a one-time $12m gain in other finance charges (The reversal of an interest provision in one of the operating entities) were offset by a one-off cost of $19m for the applicable premium paid on the early repayment of the $505m bonds in March 2022.

Higher Tax Due to Deferred Tax credit enjoyed in the prior year

Total tax charges were $469m, an increase of $187m, driven by higher operating profit and withholding Tax on dividends by subsidiaries.

The prior year also benefited from recognizing a deferred tax credit of $36m in Tanzania.

Profit Growth arising from Increased Operating Profit

Profit after Tax increased by 82.0% to $755m. This increase was mainly on the back of higher operating profits and stable net finance costs, which offset the associated increase in tax charges. Exceptional gains were also $12m higher than the prior year.

EPS grew by 86.67%

Following the impressive bottom-line performance (the PAT increased by 81.93% y/y), the EPS advanced by 86.67% from 9 cents to 16.80 cents.