Airtel Africa Reports a 99% Plunge in Profits in 2023
Feb 7, 2024 ·
1m 43s
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Description
Airtel Africa, a telecom company operating across 14 African countries faced headwinds from Nigeria’s naira devaluation and reported a loss after tax of $151 million in its Q1—April 1 to...
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Airtel Africa, a telecom company operating across 14 African countries faced headwinds from Nigeria’s naira devaluation and reported a loss after tax of $151 million in its Q1—April 1 to June 30, 2023 results.
The telecom giant recently released its 9-month financial report ending December 2023, of a profit before tax of $2 million, a significant decline from the $523 million profit it recorded in the same period in 2022.
Airtel witnessed a significant drop in profits last year due to the decrease in the value of currencies in some of its main markets: Nigeria, Malawi, Zambia, and Kenya.
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The telecom giant recently released its 9-month financial report ending December 2023, of a profit before tax of $2 million, a significant decline from the $523 million profit it recorded in the same period in 2022.
Airtel witnessed a significant drop in profits last year due to the decrease in the value of currencies in some of its main markets: Nigeria, Malawi, Zambia, and Kenya.
Information
Author | Africa Business Radio |
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