Airtel Africa, the FTSE 100 telecoms and mobile money group, reported first-half revenue of $3.8 billion, up 28.2% on a year earlier.
In constant currency, which strips out exchange rate swings, revenue grew 20.8%.
Underlying EBITDA (earnings before interest, tax, depreciation and amortisation, excluding one-offs) rose 32.8% to $1.9 billion.
The underlying EBITDA margin was 50.3%, up from 48.5%, and hit a record 50.4% in the second quarter despite higher fuel costs.
Profit after tax rose to $452 million from $376 million, and basic earnings per share were 10.2 cents against 8.3 cents.
Exceptional items of $55 million weighed on profit, covering an in-principle settlement of a commercial dispute and costs of the Airtel Money listing.
The customer base grew 11.6% to 193.9 million, with mobile money customers up 22.4% to 60.9 million.
Mobile money revenue rose 25.8% in constant currency, and data revenue rose 28%.
Nigeria, the largest market, grew revenue 27% in constant currency, while East Africa grew 18.2%.
Capital expenditure more than doubled to $657 million as the company added about 4,200 network sites.
Leverage, which measures net debt against underlying EBITDA, improved to 1.6 times from 2.1 times.
The board declared an interim dividend of 3.1 cents per share, up 9.2%, payable on 11 December.
The group also returned $108.7 million through share buybacks.
Airtel Money listing
Airtel Money, the group's mobile money arm, listed on the London Stock Exchange on 14 October.
Minority shareholders sold 10% of its shares at £1.96 each, and Airtel Africa sold none, keeping its 77.85% stake.
The listing extinguishes a put option that allowed minority holders to sell their stakes back to the group, though the $509 million liability remains on the balance sheet at 30 September.
Sunil Taldar, chief executive, said margins would remain subject to fuel costs and the wider economy.
