Airtel Africa debuts on FTSE with 25% increase in revenue

Airtel Africa marked joining the FTSE 100 stock list this week with revenue up nearly 25% and profit up 34%.

The company reported nearly $3.50 billion in revenue in the last three quarters of 2021, compared to $2.85 billion in the same period of 2020.

The London-based company provides telecommunications and mobile money services in Nigeria, East Africa and Francophone Africa.

Airtel Africa chief executive Segun Ogunsanya said a strong third quarter helped the operator’s nine-month performance across all metrics. The company saw revenue growth across all regions, with Nigeria growing by 29%, East Africa by 24.4% and Francophone Africa by 19%.

“I am particularly pleased with the developments in Nigeria, where we received approval in principle for a payment services bank license – mobile money – and a super-agent license in November.”

Airtel Africa, whose shares floated on the London Stock Exchange in June 2019, was admitted to the FTSE 100 list on Monday this week. The FTSE is one of the 100 largest qualifying companies on the London Stock Exchange.

“This achievement is the result of all the hard work and success achieved by everyone at Airtel Africa,” Ogunsanya said. “We look forward to further growing the business while continuing to sustainably bridge the digital divide, expand financial inclusion, and meet the evolving needs of our customers.”

Sallie R. Loera