Airtel Africa Plc faces a significant setback with a reported loss after tax of $89 million for the fiscal year ending March 2024. The telecom giant attributes this decline to a substantial foreign exchange loss of $549 million, resulting from currency devaluations in Nigeria and Malawi.
The company’s quarterly earnings took a hit due to these foreign exchange losses, impacting its overall financial performance. Despite challenges, there was a growth in constant currency revenue, showing a positive trajectory in the midst of currency fluctuations.
The CEO, Olusegun Ogunsanya, emphasized the importance of driving growth through strategic investments in distribution and technology. Measures to mitigate risks, such as de-risking the balance sheet and prudent capital allocation, have been implemented to address the impact of currency devaluation on the business.
Key highlights from the report include a 9.0% increase in the total customer base, reaching 152.7 million, and notable growth in data customers and usage. Mobile services revenue saw significant growth in constant currency, driven by voice and data revenue, while Mobile Money revenue experienced a robust increase, particularly in East Africa.
To address investor inquiries, the company will host an analyst and investor conference call on Thursday, May 9, 2024, at 1:00 p.m. UK time (BST).
