Airtel Africa incurred $89 million in loss after tax for the year ended 31 March 2024 in contrast to an after-tax profit of $750 million twelve months earlier after a long-standing currency crisis in its largest market, Nigeria, left the bottom line battered.
Nigeria contributes 30 per cent of the wireless operator’s revenue, according to the company’s financial reports released on Thursday, with East Africa, Francophone Africa and the telco’s mobile money business accounting for the rest.
Nigerian naira, which continues to face recurrent foreign exchange headwinds after a dollar scarcity, reaching back to pre-pandemic days, came to a head in March.
