Airtel posts $549m losses on Nigeria, others’ currency devaluation

May 10, 2024

Airtel Africa Plc, a telecommunications firm with a presence in 14 African countries, has posted a $549million occasioned by significant currency devaluations in Nigeria, Malawi, Zambia, and Kenya, according to the company’s financial statements for the year ended March 31, 2024.

The Naira was devalued in June 2024 while the Malawian kwacha suffered devaluation in November last year.

In its full-year report released yesterday, the telco said its reported revenue declined by 5.3 per cent to $4.98 billion, primarily due to the Naira’s devaluation.

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“Loss after tax of $89million during the year ended March 31, 2024 was primarily impacted by the $549million net of tax impact of the exceptional derivative and foreign exchange losses.

“Nigerian constant currency revenue growth accelerated to 34.2 per cent in Q4’24 despite the challenging backdrop,” it said.

Airtel Africa acknowledged the negative impact of currency fluctuations on business growth across the continent. Last quarter, the telco’s profits plunged by almost 99 per cent—recording $2 million in profits compared with the $523 million it made in 2022—due to currency devaluation.

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