Airtel Africa’s revenue in the last financial year exceeded analysts’ predictions and increased to $3.4 billion, an 11.2 per cent improvement from 2019 revenue. The company’s customer base in the 14 African countries it operates in grew to 110.6 million, representing 11.9 per cent increase in customer numbers.

The mobile operator registered growth in all three business services; voice, data, and mobile money. Data revenue had the biggest increase of 36 per cent to $930 million.

Airtel’s East Africa business earned $1.2 billion in revenue in the period under review. Kenya, Uganda, Tanzania, Malawi, and Zambia all recorded double-digit revenue growth for the year that ended on 31st March 2020. The sharp growth was driven by an increase in voice and data customers in Kenya, Uganda, and Tanzania.

Additionally, the company expanded its mobile money services in Zambia, Tanzania, Uganda and Malawi resulting in 38.6 percent increase in mobile money revenue in the region to $213 million.

Airtel Africa listed on the London Stock Exchange and the Nigerian Stock Exchange in July 2019 and raised $680 million from the two listings. In addition, Airtel Malawi listed on the Malawi Stock Exchange in February 2020, indicating strong investor interest in the telecommunications company.

The company is projected to maintain the good performance, considering its investments in modernized and expanded network, its new spectrum in Nigeria, Malawi, Tanzania, and Chad, and its strategic partnerships in the mobile money business.