Browsing: Bharti Airtel

Airtel Africa’s profit after tax has risen to $142 million in the quarter of June compared to the year-ago period, the company has said.

The telecom and mobile money services provider on Thursday July 29, 2021 said its profit has more than doubled.

The company attributed the growth to the higher operating profits along with stable net finance costs which more than offset the increase in tax charges due to increased profits.

The telco company which enjoys a presence in 14 countries in Africa said that strong revenue growth was recorded in all regions and across key services.

Reported revenue

According to the company, reported revenue grew nearly 31 per cent to $1,112 million during the June quarter of 2021-22 with constant currency growth of about 33 per cent.

“Revenue growth partially benefitted from a weakened quarter in the prior year during the peak of COVID-19 restrictions across the region,” …

The battle for Kenya’s telecommunication industry market share has intensified with the planned merger of Telkom Kenya and Airtel Kenya, the subsidiary of Indian telecom giant Bharti Airtel.

On February 8, 2019, the two telcos announced the signing of a binding agreement to combine their respective Mobile, Enterprise and Carrier Services businesses in Kenya into Airtel, which will see them trade as Airtel-Telkom.

The merger has however faced opposition from former employees of Airtel. It has also faced headwinds in getting approval from regulators with both Communication Authority of Kenya (CA) and the Competition Authority of Kenya (CAK) remaining adamant in giving a green light.

The regulators have pegged their decision on ongoing investigations in past dealings at Telkom by the Ethics and Anti-Corruption Agency (EACC).

The anti-corruption body is investigating how the National Treasury surrendered part of Telkom Kenya ownership to French multinational—Orange, which later offloaded its stake to …