Airtel Africa Plc taped a loss after tax of $89 million for its complete year ended March 2024 since of a $549 million forex loss brought on by the declines of the naira in June 2024 and the Malawian kwacha in November 2023.
“Loss aftertax of $89m throughout the year ended 31 March 2024 was mostly affected by the $549m internet of tax effect of the remarkable derivative and forex losses,” it highlighted.
In its complete year report launched on Thursday, the telco stated its reported Revenue decreased by 5.3 percent to $4.98 billion mainly due to the naira’s decline.
It, nevertheless, kept in mind that its earnings in continuous currency grew by 20.9 percent with development speeding up to 23.1 percent in its 4th quarter.
“Nigerian consistent currency profits development sped up to 34.2 percent in Q4 ’24 regardless of the tough background,” it stated.