Airtel Nigeria reports revenue growth of 1.37billion and 41.8 million subscribers

Airtel Nigeria has reported revenue growth of 24.1 percent to 1.37billion dollars in the year ended March 31, 2020, up from 1.11billion dollars reported a year earlier, according to a news report by 'Economic Confidential'.

This growth, according to the company, is driven by 15.1 percent voice revenue growth and 68.1 percent in data revenue.

The company's financial report released on Wednesday stated that Airtel Nigeria has reported 850 million dollars voice revenue, 435 million dollars data revenue and other revenues from the telecom company amounted to 88million dollars.

The telecom company has said that due to its efficient sales and distribution network supported by the accelerated rollout of the network as well as 4G leadership, its customer base in Nigeria grew by 12.5 percent to 41.8 million.

It explained that other revenues decreased by 17.2 percent due to the rollout of new directives issued by the Nigerian Communications Commission on content-based revenue.

Across its markets in Africa, the company's revenue increased by 11.2 percent to 3.42billion dollars drive by 5.2 percent growth in voice revenue, 39 percent increase in data revenue, and 37.2 percent growth in mobile money revenue.

Commenting on the financial report, the Chief Executive Officer, Airtel Africa, Raghunath Mandava, said it had expanded its network and achieved 65 percent of sites on the 4G network.

He said despite the impact of COVID-19 on the markets where it operated, its performance in April had been resilient as the business continued to deliver constant currency revenue growth.