Airtel Africa Q4FY23 net profit down 6% on-year due to higher finance

Bharti Airtel Africa’s Q4 net profit dipped to $227m, down 6% YoY due to high forex losses, even though revenue was up by 10% YoY. However, the company reported a 17.6% QoQ increase in net profit on strong growth in its customer base and quarterly data revenue. The number of customers increased 9%, while data customers rose nearly 17% YoY. Meanwhile, mobile money user base surged 20.4%. ARPU remained unchanged QoQ at $3.1 and went up 6.9% YoY. Airtel Africa CEO Segun Ogunsanya expects strategic focus to boost sustainable growth in the long run.