Not many FTSE 100 stocks have more than doubled year-to-date, and back in January few people would have put money on one of them being mobile phone and internet carrier Airtel Africa (AAF).

The firm had a strong year to March 2025, posting a 21% increase in revenue to just under $5 billion on a constant-currency basis, although due to the devaluation of some African currencies, revenue was more or less flat on a reported basis.

Customer numbers grew 9% to 166 million, with data customers up 14% to 73 million, and usage per customer jumped 30% with the expansion of the Airtel Money network and improved offerings driving a 17% increase in money mobile subscribers.

The current financial year also got off to a good start with revenue for the three months to June up 22%, led by data and voice, while operating profit was up 30% and earnings per share were up 70%.

In May, the firm signed a deal with SpaceX to distribute Starlink internet services in nine African countries, boosting its prospects further, while the IPO of Airtel Money in 2026 could generate further excitement. 

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