(3 Minutes Growth)
Its income grew by 28.4% from ZMW 4,451 million (as of 31 December 2022) to ZMW 5,716 million as of 31 December 2023. The increase in revenue was largely attributable to the increase in the customer base by 11.2% from 9.195 million on 31 December 2022 to 10.227 million on 31 December 2023
Airtel Networks Zambia Plc has released its full-year results for the year ended 31 December 2023. Its income grew by 28.4% from ZMW 4,451 million (as of 31 December 2022) to ZMW 5,716 million as of 31 December 2023. The increase in revenue was largely attributable to the increase in the customer base by 11.2% from 9.195 million on 31 December 2022 to 10.227 million on 31 December 2023.
Airtel Board Chairperson Katebe Monica Musonda announced the results in Lusaka at the Company’s Annual General meeting held recently. She told the shareholders that there had been an increase in the operating profit at ZMW 2.2 billion for the period under review. That works out to an increase of 26.9% compared to the same period last year. She attributed the strong performance on revenue, and management’s consistent optimization of operating expenses given the harsh economic environment.
The Chairperson also announced that the company performed extremely well throughout the year. This is evidenced by the record-breaking declaration of three interim dividends for the period 1st January 2023 up to 30th September 2023 and a final dividend declaration of K3.50 per share for the period ending 31st December 2023.
Airtel Managing Director, Hussam Baday informed the shareholders that Airtel had continued to make investments in the country’s 100% 4G Network and 5G deployed in major towns as a response to customers’ continued demand for high-quality Data and Voice Services as well as fulfilling the regulatory Quality of Service (QoS) guidelines issued by the Zambia Information Communication Technology Authority (ZICTA).
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The Profit after tax increased to ZM1,139 million compared to ZMW 921 million for the same period last year. This was mainly a result of strong revenue performance, operating efficiencies, and a robust War on Waste agenda despite inflationary pressures and the devaluation of the local currency movement against the US dollar.
