Airtel Nigeria records 25 pct revenue growth in Q3
The Nigerian unit of Bharti Airtel has recorded an increase in its revenue driven largely by data and voice revenue.
In its consolidated third quarter report ended December 31, 2018, the telecoms company reported 24.6 per cent growth in revenue from $243m in the same quarter in 2017 to $303m in the third quarter of 2018.
The telecoms company attributed the improved revenue to customer growth of 18.4 per cent having ended the quarter with a customer base of 36.6 million from 30.9 million in the corresponding quarter in 2017.
However, overall Average Revenue Per User for the quarter was $2.9 as compared to $2.8 in the corresponding quarter of 2017.
In the voice category, the annual report showed a 14.3 per cent growth in voice revenue from $174m in the same quarter in 2017 to $199m.
The growth, according to the company, is driven by “minutes on network growth of 19.8 per cent to 15.4 billion as compared to 12.8 billion in the corresponding quarter last year.”
Similarly, the report stated that data revenue at $71m reflected a growth of 54.2 per cent as compared to $46m in the corresponding quarter in 2017 mainly driven by data customer growth of 27 per cent to 13.6 million as compared to 10.7 million in the corresponding quarter in 2017.
Airtel said megabytes on the network grew by 56.8 per cent to 54 billion megabytes as compared to 34.5 billion megabytes in the corresponding quarter in 2017.
In the quarter under review, the company’s financial report stated that $68m was invested in Nigeria’s network expansion and upgrade while the country added 634 new network towers to reach 7,997 towers and 4,717 broadband base stations to reach 10,369 in one year.
In the report, Airtel Africa Limited, a subsidiary of the Bharti Airtel, headquartered in India, said it would receive a $200m equity investment from Qatar Investment Authority, the sovereign wealth fund of the State of Qatar.
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