Airtel Africa half year profit increases 11.9%

Profit After Tax of Airtel Africa Plc has moved up by 11.9 per cent having reported N69.9 billion for its first half of year 2019 when compared to N62.6 billion reported in half year 2018.

According to the result of the telecommunications service provider, listed both on the Nigerian and London Stock Exchanges, its revenue grew by 8.4 per cent to N503.3 billion from N464.4 billion during the corresponding period in 2018.

Airtel Africa’s earnings stood at N220.6 billion, having increased by 10.9 per cent from N199.2 billion reported in H1 2018.

The telco company recorded 158.4 per cent increase in its profit before tax which stood at N96.9 billion in H1 2019, compared to N37.4 billion in H1 2018, just as, the company’s expenses increased by 5.7 per cent to N285.7 billion in H1 2019, up from N270.4 billion in H1 2018.

Meanwhile, the company, Airtel Africa Plc and Finablr, a global platform for payments and foreign exchange solutions, entered an extensive global partnership that would see the two companies bringing together their complementary capabilities. As an outcome of the arrangement, Airtel Africa mobile money operations would be integrated with Finablr’s technology platform and global network to facilitate seamless inward and outbound cross-border payments.

This will allow customers to leverage Finablr’s global network to send money from over 100 countries into Airtel Money mobile wallets across Africa, in a convenient, secure and cost-effective manner.

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Additionally, Airtel Africa will leverage Finablr’s technology capabilities to develop and deploy digital solutions, enabling African expatriates to settle payments into Airtel Money wallets in real time through the Airtel Money mobile app and the Airtel Africa online portal. The services are expected to be launched market-by-market in a phased manner, with the first country to go live by year-end. The launch will be supported by a comprehensive worldwide marketing programme to introduce the new services to African communities overseas and to receivers in Africa.

Raghunath Mandava, CEO of Airtel Africa, said, “We are excited that Airtel Money will collaborate with Finablr to introduce global payments services, enabling customers to make cross-border remittances, pay bills, make purchases and withdraw cash from our outlets and agents across the continent. This is another important example of how mobile technology will play a key role in changing the way people connect with their homes in Africa.”

Promoth Manghat, Group CEO of Finablr, commented, “We are delighted to partner with Airtel Africa, and join hands to deliver affordable and reliable payments services to customers. Together, building on the strength of our technology platform, we are delivering fintech at scale thereby empowering consumers and businesses across the continent.”

Nigerian Tribune