(Alliance News) - Airtel Africa PLC on Thursday reported a swing to an annual profit, despite a decrease in revenue, and it announced it plans to list a unit in the first half of next year.
Airtel is a London-based provider of telecommunications and mobile money services.
In the year ended March 31, the company's pretax profit was USD661 million, swinging from a loss of USD63 million the previous year. However, underlying earnings before interest, tax, depreciation and amortisation declined 5.1% to USD2.30 billion.
Finance costs shrunk to USD822 million in the year just gone, compared to USD1.70 billion the prior year.
Airtel's revenue for the year was USD4.96 billion, down 0.5% from USD4.98 billion. This was due to currency devaluation impacting reported revenue. At constant currency, it expanded 21%.
"Reported currency revenue growth was particularly impacted by significant currency devaluations in Nigeria, Malawi and Zambia," it explained.
Airtel shares fell 9.7% to 153.86 pence in London on Thursday morning.
The firm declared a final dividend of 3.90 cents per share, up 9.2% from 3.57 cents per share. Its total dividend amounted to 6.50 cents per share, up 9.2% from 5.95 cents per share.
Looking ahead, Chief Executive Chair Sunil Taldar said: "We are making significant progress in our preparations for the Airtel Money IPO and remain committed to this objective. However, we are also mindful of evolving market conditions. Therefore, subject to these conditions, we anticipate a listing event in the first half of calendar year 2026."
Airtel Money allows users to send and receive money and make payments.
The company expects to maintain its growth trajectory, by continuing to invest in its network, particularly by increasing data capacity and enhancing mobile money offerings.
Airtel also expects to continue its cost optimisation programme in financial 2026 to offset the impact of inflation, while also investing in growth opportunities, especially in enterprise services and home broadband.
By Olivia Mason-Myhill, Alliance News reporter
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Airtel Africa (AAF)
