SWITZERLAND, MAY 13
The sales revenue of telecommunications company, Airtel Africa Plc has witnessed a sharp upswing as its March figures rose by 11.2 percent, driving total revenue to $3.42 billion.
This growth is attributed to the company’s biggest market, Nigeria which recorded a 24.1 percent revenue rise and accounts for 40 per cent of its overall revenue.
The company revealed this while posting its revenue and profit growth statement for the year on Wednesday.
According to Airtel Africa, data services reported a 36.1 per cent sales growth. This is occasioned by a surge in traffic as consumers seek constant entertainment, communication and information while complying with lockdown orders to stymie the spread of the coronavirus.
“In Africa, the spread of COVID-19 has lagged the rest of the world and, therefore, it is difficult to precisely forecast what the impact of this will be on customers and business. However, our performance during the month of April has been resilient,” Chief Executive Officer, Raghunath Mandava said.
The Africa-focused company went public last year with a London listing and has benefited from a steady demand in emerging markets, while some of its European peers joining forces to navigate challenges posed by saturated markets.
Annual pretax profit jumped 71.7% to $598 million at Airtel Africa, a unit of India’s Bharti Airtel Ltd.