Airtel Africa PLC (LSE:AAF), the FTSE 100 telecoms and mobile money group, has had a good first half, with revenue up 28.2% to $3.8 billion. Stripping out currency swings, growth was 20.8%.
Underlying EBITDA (earnings before interest, tax, depreciation and amortisation, excluding one-offs) rose 32.8% to $1.9 billion. The margin was 50.3%, and a record 50.4% in the second quarter, even though fuel costs have been rising, notably in Nigeria.
Profit after tax rose to $452 million from $376 million. Basic earnings per share were 10.2 cents, against 8.3 cents. A $55 million hit from exceptional items took some shine off, covering a commercial dispute settlement and the cost of listing Airtel Money.
Customers rose 11.6% to 193.9 million. Mobile money users climbed 22.4% to 60.9 million, and mobile money revenue rose 25.8% in constant currency. Data revenue grew 28%. Nigeria, the biggest market, grew 27%.
Capital spending more than doubled to $657 million as the group added about 4,200 sites. Leverage, which compares net debt with underlying EBITDA, still improved to 1.6 times from 2.1 times.
The interim dividend rises 9.2% to 3.1 cents, payable on 11 December. Airtel Africa also spent $108.7 million on share buybacks.
Airtel Money listing
Airtel Money listed in London on 14 October, with minority holders selling 10% at £1.96 a share. Airtel Africa sold nothing and keeps 77.85%.
The listing ends a put option letting minority holders sell their stakes back to the group, though the $509 million liability remains on the books at 30 September.
Source: uk.finance.yahoo.com
