Airtel Africa reports $31 million in Q1 2024 profit, but macroeconomic headwinds persist in key market

A poster advertising Airtel Uganda Limited’s Initial Public Offer
as seen outside one of the company’s service centres in Kampala,
Uganda, on Thursday, Sep. 28, 2023.
Image Source: Luke Dray/Bloomberg

After a difficult 2023 in which losses mounted after currency devaluation in some of its key markets, Airtel Africa returned to the blue in the first quarter of 2024. The telecoms firm, which operates in 14 African countries, reported $31 million in profit after tax, compared to a loss of $151 million in Q1 2023.

Still, macroeconomic headwinds persist. The company’s revenue declined 16.1% to $1.15 billion due to currency devaluation and rising fuel costs in Nigeria. The telco will work on cost reduction and energy-saving initiatives to reduce network costs.

Key takeaways: 

Airtel Africa reported revenue of $1.15 billion for the quarter ended 30 June 2024 

It gained $31 million in profits, up 120% 

Mobile money customers grew 14.9% to 39.5 million

By Joseph Olaoluwa

Full story at Tech Cabal.