Airtel Africa reports 4.4% drop in PAT

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Airtel Africa Plc recorded revenue of 11.2 per cent, translating to $3.42 billion in the for full year audited report for 2019, from $3.08 billion in the same period of 2018.

The telecoms company recorded a growth in Profit Before Tax (PBT) for the period under review by 71.7 per cent from $348 million in 2018 to $598 million at the end of 2019 financial period.

However, it recorded a drop in its Profit After Tax (PAT), which declined by 4.4 per cent from $426 million in 2018 to $408 million in 2019.

The company continues to be in good terms with its customers as it recorded a growth  of customer base by 11.9 per cent  to 110.06 million, buoyed by its enlarging market in Nigeria, which contributes 40 per cent of the wireless operator’s total revenue on the continent.

Airtel Africa debuted on the Nigerian Stock Exchange (NSE) nearly a year ago with over 3.758 billion shares, making it Nigeria’s third biggest company by market value.

“These results also demonstrate the strength and resilience of our business and the effectiveness of our strategy – with all three business services, voice, data and mobile money, contributing to revenue growth,” Raghunath Mandava, its Chief Executive Officer said.

Airtel Africa’s Basic Earnings per Share fell from $19.5 to $10.3, translating to a 47.3. It closed the trading transactions on The Nigerian Stock Exchange on Wednesday closed trade at N298.90 per share.