Growth was recorded across all regions: Nigeria up 21.9%,
East Africa up 23.5% and Francophone Africa up 10%; and across key services,
with revenues for voice up 11.0%, data up 31.2% and mobile money up 35.5%.
Highlights of the results include Constant currency
underlying revenue growth was 19.4%, with Q4’21 growth of 21.7%; Underlying
EBITDA was $1,792m, up 18.3% in reported currency, and growing 25.2% in
constant currency; Underlying EBITDA margin was 46.1%, adding 181 basis
points(210 basis points higher in constant currency); Underlying EBITDA margin
for Q4’21 was 47.7%, an increase of 389 basis points in constant currency.
Others including Operating profit increased 24.2% to $1,119m
in reported currency, and by 32.8% in constant currency; Free cash flow was
$647m, up 42.8% on the prior year; Basic EPS was 9.0 cents, down 12.6%, largely
due to prior year exceptional items and a one-off derivative gain. Excluding
these, basic restated EPS rose 44.5%. EPS before exceptional items was 8.2
cents; Customer base grew by 6.9% to 118.2 million, with increased penetration
across mobile data (customer base up 14.5%) and mobile money services (customer
base up 18.5%). The recent slowdown in customer base growth has been due to new
SIM registration regulationsin Nigeria.
Meanwhile, the Board has recommended a final dividend of 2.5
cents per share, making the total dividend for FY21 4.0 cents per share.
Raghunath Mandava, chief executive officer, on the trading
update said “In these challenging timesI want to say a huge thank you to all
our employees, our business partners, and governments and regulators who have
supported us, and in turn facilitated our continued support to the economies
and communities we serve.
“Our performance has been strong, with reported growth of
13.6% in underlying revenue and 18.3% in underlying EBITDA, and constant
currency growth of 19.4% and 25.2% respectively. Contributions to this growth
came across all regions, with particular improvement in Francophone Africa, and
across all our major services, with mobile money, data and voice each posting
double-digit revenue growth.
“Our customer base also grew strongly for most of the year
with new customer registration requirements in Nigeria stemming our onboarding
of new customers in the final quarter, and these restrictions were lifted in
second half of April.
“In line with our strategy of unlocking value in our mobile
money business, we will soon welcome two new minority investors (The Rise Fund
and Mastercard) in agreed transactions which value this part of our business at
$2.65bn, as well as bringing $300m into the Group. We have also agreed to sell
more of our tower portfolio, yielding yet more cash for the business.
“The Covid pandemic had eased during the course of the year,
however, more recently we have seen a surge in cases. So far this has had no
adverse impact on the business, though we will continue to monitor the
situation closely.
“In these times, our purpose of transforming lives has never
been more critical. It has always meant more than simply providing mobile and
financial services; it is about our drive to create a sustainable future. To
that end, this year the leadership team has worked to create our sustainability
framework, outlining the role we can play and the focus areas where we can make
the biggest difference for each of our business, our people, our community, and
our environment.
“We will report back with our goals later this year and
deliver our first sustainability report in 2022.
“The combination of bringing connectivity to underpenetrated
mobile markets and improving financial inclusion through banking the unbanked,
across our territories of operation, together provide us with a sizeable runway
of sustainable profitable growth potential, and one we remain very confident of
delivering.”
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