Airtel Africa posted an after-tax profit of $79 million for the half-year ended 30 September 2024, marking a 726.3 per cent increase over its bottom line for the same period of last year, when the wireless service provider incurred a net loss of $13 million.
Its unaudited results for the period released on Friday indicated that the telecoms operator would have continued on the path of loss-making if not for an exceptional tax gain of $80 million.
The tax gain resulted from derivative and foreign exchange losses from the devaluation of the Nigerian naira, Airtel Africa said. Nigeria is the biggest market of the telco.
