Airtel incurs $1.7 billion in foreign exchange loss over currency devaluation in Nigeria, Malawi

Airtel Africa’s fiscal year 2024 financial report reflects a $1.7 billion loss attributed to currency devaluations in Nigeria and Malawi.

Despite a strong 20.9% growth in service revenues when measured in constant currency, the company experienced a 5.3% decrease in group revenue and a 5.7% drop in EBITDA due to currency declines.

To mitigate currency impacts, Airtel Africa’s CEO outlined strategies focused on distribution and technology investments, as well as minimizing risks associated with currency devaluation. Despite these challenges, Airtel Africa remains optimistic about its growth prospects and is committed to navigating the currency fluctuations in its key markets.