Airtel Africa sticks to $825m fresh capital plan despite loss
By March 31, Airtel had invested $500 million in spectrum acquisition including 5G network. In East Africa, the group’s revenues grew 20.6 percent fuelled by voice revenue growth of 14.6 percent, data at 31 percent and others at 18.8 percent. PHOTO | AFP
Airtel Africa plans to inject up to $825 million of fresh capital to shore up its African operations as the telco’s half-year performance returned a net loss of $13 million weighed down by sharp depreciation of currencies in Kenya, Tanzania, Zambia, Malawi and Nigeria.
The group posted a net loss of $13 million during the six months to September 30 from a net profit of $330 million in the same period last year, as it grapples with a $550 million debt that is due for repayment in May 2024.
