Airtel Africa Plc, on Thursday, reported that it lost $151m due to the harmonisation of foreign exchange rates in Nigeria.
It disclosed this in its second quarter report filed with the Nigerian Exchange Limited.
The telecom company said, “Profit after tax was negative ($151m), driven largely by a foreign exchange loss of $471m recorded in finance cost before tax and $317m after tax, because of the devaluation of the Nigerian naira in the month of June 2023. This impact has been classified as a non-operating exceptional item.”
In June, the Central Bank of Nigeria announced the unification of all segments of the Nigerian forex market.
The apex bank collapsed all windows into the Investors and Exporters window as part of the Federal Government’s effort to improve liquidity and stability in the market and attract foreign investors into the Nigerian economy.
In its latest financial report, Airtel said its revenue grew by 9.6 per cent to $1,377m from $1,257m as of June 2022.
Across the group, mobile service revenue grew by 19.1 per cent in constant currency, driven by voice revenue growth of 11.9 per cent and data revenue growth of 29.8 per cent. Mobile money revenue grew by 31.2 per cent in constant currency.
Airtel loses $151m to foreign exchange rates harmonisation
Airtel Africa Plc, on Thursday, reported that it lost $151m due to the harmonisation of foreign exchange rates in Nigeria.
It disclosed this in its second quarter report filed with the Nigerian Exchange Limited.
The telecom company said, “Profit after tax was negative ($151m), driven largely by a foreign exchange loss of $471m recorded in finance cost before tax and $317m after tax, because of the devaluation of the Nigerian naira in the month of June 2023. This impact has been classified as a non-operating exceptional item.”
In June, the Central Bank of Nigeria announced the unification of all segments of the Nigerian forex market.
The apex bank collapsed all windows into the Investors and Exporters window as part of the Federal Government’s effort to improve liquidity and stability in the market and attract foreign investors into the Nigerian economy.
In its latest financial report, Airtel said its revenue grew by 9.6 per cent to $1,377m from $1,257m as of June 2022.
Across the group, mobile service revenue grew by 19.1 per cent in constant currency, driven by voice revenue growth of 11.9 per cent and data revenue growth of 29.8 per cent. Mobile money revenue grew by 31.2 per cent in constant currency.
During the period under review, Airtel Africa’s total customer base grew by 8.8 per cent to 143.1 million, as the penetration of mobile data and mobile money services continued to rise, driving a 22 per cent increase in data customers to 56.8 million and a 24.3 per cent increase in mobile money customers to 34.3 million.
