Airtel Malawi records MK22bn in profits, data revenue up 46%

Airtel financial highlights

Airtel Malawi Plc, has announced that its profit after tax went up from MK15.9 billion in 2019 to MK22.09 billion in 2020, mainly due to an increase in operating profit.

According to the mobile phone network operator's financial statement signed by its chairperson Alex Chitsime and CEO Charles Kamoto, the company recorded revenue growth of MK 110 billion in 2020 up from MK 92.8 billion in 2019.

“Revenue growth of 18.8 percent was largely driven by the growth of our customer base which was up by 25.1 percent to 5 million. Revenue growth was broad based across all key segments,” said the report.

Airtel Malawi financials 2020
A summary of Airtel Malawi Plc's financials

It is voice calls that still bring in the most revenue, raking in K61.28 billion, representing a slight 2.5 percent change.

Some of the most notable growth though, was recorded in data, this, amid calls for data prices to fall in Malawi.

The report shows that data revenue increased by 46.4 percent from MK26.2 billion in 2019 to MK38.39 billion in 2020.

With more envisioned growth in data usage, Airtel says it had since rolled out its own fibre network.

"Airtel Malawi Plc rolled out its own fibre during the year, covering a total distance of 1,355 kms across the country and reaching the three key exits for the country of Songwe, Mchinji and Mwanza boarders. 

"The roll out will provide best in class data experience to the mobile and broadband," the company further said.

Owing to increased revenue, Airtel Malawi plc shareholders can expect a MK2.10 dividend up from MK 1.25 to be paid out after its AGM in June.

The company has vowed to remain vigilant amid the COVID-19 pandemic.

"During this challenging year we worked to ensure the safety of our employees, customers and partners and we have continued to work closely with government and our regulator to ensure network remained fully functional and customers could access our service.

"In these unprecedented times, the telecom business has emerged as a key and essential service supporting the economy and communities While we delivered a good performance despite the COVID-19 pandemic, we remain vigilant about new strains of the virus and potential further actions by governments to minimise contagion."