Airtel Africa Plc released its full-year financial statement for the year ending March 31, 2024. The company posted a loss after tax of $89 million during the fiscal year, a significant decline from the $750 million profit after tax recorded in the previous fiscal year.

The company’s financial performance was mainly hit by the Naira’s instability over the fiscal year. As Airtel recorded FX losses of $770 million due to the devaluation of the Naira from N463/$ as of June 2023 to N1303/$ as of March 2024. The Naira devaluation also affected the company’s revenue baseline.

In reported currency, the USD, Airtel Africa posted a revenue of $4.98 billion in FY ‘23/24, representing a 5.3% decline from the $5.26 billion posted in FY ‘22/23. However, in constant currency, Airtel’s revenue grew by 20.9% over the course of the fiscal year.

However, Airtel Nigeria posted a revenue of $1.50 billion during the fiscal year, representing a 29.4% decline from the $2.13 billion revenue posted in FY ‘22/23. More so, in Naira terms, the group’s revenue appreciated by 25.8%.

Airtel Nigeria posted $711 million and $654 million in voice and data revenue respectively. Airtel customer base in Nigeria also increased to 50.9 million, representing a 5.3% growth from the 48.9 million customers posted in the previous fiscal year.

During the year, the group’s voice revenue constituted the bulk of its total revenue with $2.18 billion. Data revenue constituted $1.73 billion of its revenue.

In constant currency terms, Airtel Africa’s mobile services revenue experienced a significant increase of 19.4%. This growth was primarily driven by an 11.9% increase in voice revenue and a 29.2% growth in data revenues, as the group’s 4G customers increased by 42.3% during the fiscal year.

Airtel’s mobile money, SmartcashPSB recorded a 20.7% growth in customers as well as a 21.1% growth in revenue, hitting 38 million customers and $837 million.

Despite inflationary headwinds and currency devaluation across the group’s operational markets, Airtel Africa displayed resilience in its financial performance as it generated a net cash of $2.26 billion from its operations during the fiscal year.

Also, in terms of constant currency, Airtel maintained a double-digit growth across its revenue, pre-tax profit, EBITDA, and operating profit profiles.

Commenting on the results, Olusegun Ogunsanya, the group’s CEO, said: “This strong revenue performance is a reflection not only of the opportunity that is inherent across our markets, but also the resilience of our affordable offerings despite the inflationary pressure many of our customers have experienced.

“Furthermore, our rigorous approach to de-risking our balance sheet and our capital allocation priorities has materially reduced the risks that the currency devaluation has had on our business. Key initiatives include the reduction of US dollar debt across the business and the accumulation of cash at the [holding company] level to fully cover the outstanding debt due. We will continue to focus on reducing our exposure to currency volatility. At the beginning of March, we launched our first buyback programme reflecting the strength of our financial position.”

Airtel declared a 3.57 cents final dividend, a rise of 9.2% on-year from 3.27 cents. Its total dividend amounted to 5.95 cents, also up 9.2%, from 5.45 cents.

The CEO added: “The growth opportunity that exists across our markets remains compelling, and we are well positioned to deliver against this opportunity. We will continue to focus on margin improvement from the recent level as we progress through the year.”

Google has announced the opening of applications for the 2024 cohort of its Hustle Academy, a program dedicated to accelerating the growth of small and medium-sized businesses (SMBs) in Sub-Saharan Africa. This year, the program introduces a significant upgrade: business-focused AI training integrated directly into the curriculum.

SMBs are the backbone of Africa’s economy, yet many face challenges accessing funding and developing the essential skills needed to grow their businesses. According to the International Finance Corporation (IFC), 40% of formal SMBs in developing countries have an unmet funding need of $5.2 trillion annually.

The Hustle Academy aims to address this gap by providing comprehensive business education, mentorship, and networking opportunities. Since its launch in 2022, over 10,000 businesses have benefited from the program. Participants who received grants nearly doubled their success rate in accessing new funding sources beyond friends and family, increasing from 11% to 20%. The program has also spurred job creation, with an average of 4 new jobs for every 10 businesses that graduated.

Kristy Grant, Head of B2B Marketing, SSA commented, “Artificial intelligence (AI) holds immense potential for African small and medium-sized businesses (SMBs), enabling them to drive innovation, increase efficiency, and unlock new levels of economic growth. The Hustle Academy has supported over 10,000 businesses who have gone ahead to raise funding and create jobs since inception. By incorporating AI into our curriculum, we aim to further amplify this impact, equipping SMBs to harness AI technologies for improved business performance and economic progress.”

The new AI modules focus on data-driven decisions, optimising operations, and building AI-powered marketing strategies. Participants will explore practical applications through modules like “Boost Your Productivity with AI” and “Marketing Strategy and AI,” learning how to save time and supercharge digital outreach.

Applications for the 2024 Hustle Academy cohort are open to SMBs in Kenya, Nigeria, and South Africa, and the program will run through the end of the year. For more information and to apply, visit g.co/hustleacademy.

Most Reverend Lucius Ugorji, president of the Catholic Bishops’ Conference of Nigeria (CBCN), the Archbishop of Owerri has raised caution on the deployment of Artificial Intelligence.

Catholic Bishops’ Conference of Nigeria

Ugorji called for a balance that prioritises human welfare alongside technological progress, mindful of ethics and morals, as well as risks such as job displacement, threat to world peace, spread of falsehood through propaganda, manipulation of the human person, and privacy concerns through advanced hacking and deepfakes.

The clergyman raised the concern during the ComWeek Public Lecture in Abuja on Artificial Intelligence, noting that the exclusive use of technology in religious formation, pastoral care, and education has enhanced theological knowledge, accessibility and mission of the universal church.

Keynote Speaker at the event, Father Anthony Akinwale, deputy vice chancellor of Augustine University Lagos, dismissed the speculations that the intellectual roles of humans will be replaced by Artificial Intelligence, explaining that AI relied on humans to function and did not have a mind of its own to choose to or not to obey commands with which it was programmed.

Akinwale further cautioned that AI should be solely used for the common good of mankind and not for destructive purposes.

Most Reverend David Ajang, chairman on Social communication of the Catholic Bishops Conference, called for a reflection on the power of communication as a divine gift, “one that holds the potential to bridge divides, enlighten minds and unite hearts in the pursuit of truth and common good”.