Despite a growth in revenue, Airtel Africa has reported a 5% drop in their profit for the first quarter of the year. Airtel’s CEO cites the challenging operating environment and worries about currency devaluation.
According to a financial statement published on the Nigerian Exchange Group (NGX), Airtel Africa has reported a 5% decline in their profit for the first quarter of 2023.
Airtel’s profit after tax (PAT) for the period under review dropped by 0.6% to $750m, compared to $755m during the same period in 2022. Conversely, the telco’s revenue grew by 11.5% to $5.25m in Q1 2023, compared to $4.71m in the same period in 2022.
Commenting on the financial performance, Airtel Africa’s chief executive officer (CEO), Olusegun Ogunsanya, stated that the operating environment of the company has been challenging in many ways and expressed hopes of improvement over the numerous challenges.
“The resilience of our underlying EBITDA margins has shown the…
