Airtel Africa has reported $65 million in net profits for the quarter ended March 2020, recording a 21 per cent year-on-year fall. This fall in net profits has been attributed to higher finance costs, network opex costs and larger payouts towards licence fees and spectrum usage charges.

However, Airtel Africa’s revenue for QE March 2020 stood at $899 million, recording a growth of 15 per cent YoY and 1.81 per cent sequential growth. This growth has been driven by strong contributions from the voice, data and mobile money verticals

Further, the company recorded strong customer additions, higher data consumption and a rise in the transaction value in its Airtel Money platform, during the period under consideration.

Moreover, Airtel Africa’s data revenue grew by 39 per cent YoY and the company recorded over 56 per cent growth in data usage. In addition, mobile money revenue increased by 29.5 per cent, driven by customer growth and stronger distribution infrastructure.