Airtel Africa posted a negative growth of $30 million which is about N10.875 billion and translates to about 22.6% in its after-tax profit for the 3rd quarter ended 31st December, 2019 year-on-year despite expansion in its revenue.
In its financial results published on the website of the Nigerian Stock Exchange, yesterday, the telco reported a 12.8% rise in its Revenue, which grew to $883 million in the period under review compared to the $783 million posted in the corresponding period of 2018.
According to the firm, the growth had been largely driven by improved performance in the ‘Rest of Africa’ region, boosted by spectacular results in Nigeria and East Africa
Profit Before Tax (PBT) surged by 77.5% to $186 million at Q3 2019 from $105 million in the same period the year before.
However, Profit After Tax (PAT) shrank from $133 million at Q3 2019 from to $103 million at Q3 2019, representing 22.6% decline.
Principally responsible for the plunge in its after-tax profit was the dramatic spike in its tax expense by 618.5% from $13 million at Q3 2018 to $95 million at Q4 2019.
Its Basic Earnings Per Share (EPS) plummeted from 4.8 Cents at Q3 2018 to 2.4 Cents in the review period, signaling a 49.5% fall.