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Malawi, Nigeria push Airtel Africa to a loss

Airtel Africa has registered $89 million (approximately K155.8 billion) loss after tax during the year ended March 31, 2024 on the back of currency realignments in Nigeria and Malawi.

The multinational telecommunication services provider says in a statement that the realignments robbed them of $549 million (approximately K961.2 billion).

The company’s Chief Executive Officer, Olusegun Ogunsanya, has since said despite the loss, the outlook is positive.

On the local scene, Airtel Malawi’s annual profit for 2023 dropped to K1.4 billion from K36.9 billion in 2022 because of the currency realignment.

Airtel Africa operates in 14 countries across the continent.

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