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Airtel Africa plc Results for quarter ended 30 June 2021 29 July 2021 A strong financial and operational performance , with further improvement in revenue growth trends Highlights Q1'22 Reported revenue grew by 30.7 % to $ 1,112m , with constant currency growth of 33.1 % . Revenue growth partially benefitted from a weakened quarter in the prior year during the peak of Covid - 19 restrictions across the region . Even after adjusting for these effects , revenue growth rates for the Group , service segments and reporting regions were all ahead of Q4'21 trends . ● ● ● ● ● Strong revenue growth was recorded across all regions : Nigeria up 38.2 % , East Africa up 32.8 % and Francophone Africa up 24.9 % ; and across key services , with revenues for voice up 26.0 % , data up 37.4 % and mobile money up 53.7 % . Underlying EBITDA grew by 42.4 % to $ 534m in reported currency , while constant currency growth was 46.2 % . Underlying EBITDA margin was 48.0 % , an increase of 396 basis points ( increase of 428 basis points in constant currency ) led by both revenue growth and improved operational efficiencies . Operating profit was $ 352m , up 67.6 % in reported currency and 73.9 % in constant currency . Profit after tax more than doubled to $ 142m , up 148.7 % , largely due to the higher operating profits along with stable net finance costs which more than offset the increase in tax charges due to increased profits . Basic EPS was 3.3 cents , an increase of 200 % , as a result of higher profit and stable finance costs and foreign exchange . EPS before exceptional items was 3.2 cents . Operating free cash flow ( underlying EBITDA less capex ) was $ 428m , up 38.7 % . Customer base grew by 8.4 % to 120.8 million , with increased penetration across mobile data ( customer base up 14.8 % ) and mobile money services ( customer base up 24.6 % ) . The slowdown in customer base growth was due to new SIM registration regulations in Nigeria ; excluding Nigeria the customer base grew by 15.9 % . Alternative performance measures ¹ ( Quarter ended ) Description Revenue Underlying EBITDA Underlying EBITDA margin EPS before exceptional items ( cents ) June - 21 $ m 1,112 534 48.0 % 3.2 June - 20 $ m 851 375 44.1 % 1.0 Operating free cash flow 428 309 ( 1 ) Alternative performance measures ( APM ) are described on page 14 . Reported currency change % 30.7 % 42.4 % 396 bps 216.1 % 38.7 % Constant currency change % 33.1 % 46.2 % 428 bps GAAP measures ( Quarter ended ) Description ✔airtel Revenue Operating profit Profit before tax Profit after tax Basic EPS ( cents ) June - 21 $ m 1,112 352 259 142 3.3 June - 20 $ m 851 210 111 57 1.1 Reported currency change % 30.7 % 67.6 % 132.4 % 148.7 % 200.0 % Raghunath Mandava , chief executive officer , on the trading update : " Our Q1'22 results have been very strong , with reported growth of 30.7 % in revenue and 42.4 % in underlying EBITDA , with constant currency growth of 33.1 % and 46.2 % respectively . Q1 of last year was impacted by the start of Covid , but even after adjusting for these effects , our Q1'22 revenue growth rates for the Group , service segments and reporting regions were all ahead of Q4'21 trends . We have posted strong double - digit growth across voice ( 26.0 % ) , data ( 37.4 % ) and mobile money ( 53.7 % ) , and across all our regions . Sub - Saharan Africa is now experiencing a third wave of the pandemic . Governments are implementing balanced measures of lockdowns and restrictions . But vaccinations levels remain very low . In these challenging times our business model has so far proven resilient , but we continue to monitor the situation closely for the potential impact on local economies and consumers . Our total customer base has returned to growth with acceleration in our East Africa and Francophone regions and despite continuing negative net additions in Nigeria . With the easing of these restrictions in late April we have since been able to gradually increase locations for activations in line with regulatory compliance across Nigeria , and we have begun adding new customers . Our continued focus on modernisation and rollout of our network , along with simplifying our products and improving our distribution , have all helped us to make handsome gains on our ARPUs across voice , data and mobile money . Our robust operating model and solid execution should enable us to continue our profitable growth . We continue to see huge potential across voice , data and mobile money due to the low penetration levels in Africa , as we continue to partner the nations in bridging the digital divide and enhancing financial inclusion . We remain committed to continue to efficiently and effectively deliver services that help to improve the lives , communities and economies we serve . " 1