Airtel’s revenue falls to $1.16bn on naira devaluation

Airtel Africa’s reported revenue declined to $1.16 billion in the second quarter of 2024 on further naira devaluation in Nigeria.

The telco’s constant revenue grew by 19 percent driven by 33.4 percent growth in Nigeria and 22.3 percent growth in East Africa, respectively.

Airtel disclosed this in its financial report for the period ended June 2024.

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It noted that a substantial increase in fuel prices across its markets and the lower contribution of Nigeria to the Group after the naira devaluation contributed to a decline in EBITDA margins to 45.3 percent from 49.5 percent in Q1’24 and 46.5 percent in Q4’24.

Airtel’s profit after tax of $31 million was impacted by $80 million of exceptional derivative and foreign exchange losses(net of tax), arising from the further depreciation in the Nigerian naira during the quarter.