Airtel Africa reports 16.1% revenue decline to $1.16bn in Q1, despite net profit increasing, due to weakening Nigerian naira and higher fuel prices.

India-owned Airtel Africa reported a 16.1% decline in revenue to $1.16bn in Q1 due to a weakening Nigerian naira. Despite this, Airtel Africa swung to a profit of $31m for the period, compared with a loss of $151m in the same quarter last year. The company's EBITDA margin reduced to 45.3% due to higher fuel prices and the naira devaluation. Total customer numbers rose 8.6% to 155.4m during the period, with data customers growing 13.4%.

July 25, 2024
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