“Our financial performance in Q3 was strong as we delivered double-digit revenue growth in both reported and constant currency. Revenue growth accelerated in Q3 to 14.2% as a result of improved performance in the Rest of Africa, supported by solid results in Nigeria and East Africa. This is now the eighth consecutive quarter that we have delivered double-digit revenue growth and EBITDA margin expansion in constant currency.
Revenue growth continues to be broad-based across voice, data and mobile money. We have continued to add customers, up 9.4% this quarter, contributing to an increase in voice revenue. We are also increasingly seeing the success of our strategy to lead in the roll-out of our modernized 4G networks, with more than 40% increase in data revenues for the quarter.
Alongside this, a focus on increasing the number of use cases through international partnerships for our mobile money offer as well as increasing the distribution footprint have helped gain further acceptance of airtel money.
On a market-specific basis, Nigeria has been leading our growth with double-digit voice revenue growth and over 70% data growth as a result of our lead in 4G rollouts and the huge data capacities we are creating.” RaghunathMandava, CEO
- Revenue increased by 23.4% (Q2: 23.2%)
- Voice revenue grew by 13.9% (Q2: 13.1%)
- Data revenue was up by 75% (Q2: 75.7%) (largest contributor to revenue growth)
- Data revenue now accounts for 31.6% of Airtel Nigeria revenue
This performance sends a strong message to investors that Airtel has the ability to consistently grow in double digits, powered by growth engines of Data and Airtel Money.
At Capital Bancorp, we believe the company can sustain the momentum considering its consistent revenue growth, stable OPEX, reducing leverage and EBITDA expansion.