Airtel Africa said its revenues increased by 6.9 percent to USD 851 million in the first three months to 30 June from USD 796 million in the same period of 2019 with constant currency revenue growth of 13 percent, which was partially offset by devaluation mainly in Nigeria (6.9%), Zambia (28.3%) and Kenya (4.4%). The revenue growth was largely driven by the growth of the customer base by 11.8 percent to 111.5 million and ARPU growth of 1.6 percent in constant currency.
Revenue grew in every region, with growth in Nigeria of 17.1 percent, East Africa up 17.5 percent and Francophone Africa up 2.2 percent. Voice revenue was up 2.2 percent, data up 35.7 percent and mobile money up 26.3 percent in constant currency terms.
Net profit was USD 57 million, down by 56.9 percent from USD 132 million a year earlier, largely as a result of a one-off gain of USD 72 million related to the expired indemnity to certain pre-IPO investors in the same period last year, higher finance costs and tax. Excluding one-off benefits in the previous quarter, net profit for the quarter fell by USD 13 million, mainly due to a higher derivative and exchange loss of USD 19.4 million in Q1 2021.
Underlying EBITDA increased by 7.9 percent to USD 375 million, with constant currency growth of 14.6 percent. The underlying EBITDA growth was driven by revenue growth of 13 percent and efficiency in operating expenses. Free cash flow was USD 96 million, up by 53.5 percent, largely due to underlying EBITDA rising by USD 27 million, interest payments falling by USD 8 million resulting from lower debt, and capex down by USD 33 million, partially offset by an increase in cash tax.
