Airtel Money Reports $830 Million Revenue After London IPO

Airtel Money reported revenue of $830 million for the six months ending September, marking a 25.1% increase in constant currency. The African payments firm, recently spun off from Airtel Africa, saw its customer base grow 18.7% to 56.7 million. Pre-tax profits rose 18% to $360 million, while profit after tax reached $228 million.

Financial growth was driven by expansion in wallet services, payments, transfers, and financial services, with average monthly transaction values per customer reaching $397. The company's initial public offering on the London Stock Exchange was the largest on the exchange since 2021, valuing the firm at approximately £5.3 billion.

Despite the strong results, shares closed at 179 pence on Friday, falling below the 196 pence offer price, though they rose approximately 5% in early Monday trading. Chief Executive Ian Basil Ferrao stated that approximately 75 million Airtel telecom subscribers have not yet adopted the money service, suggesting a significant runway for future growth.