Airtel Africa Bounces Back with $7 Million Q1 Profit Amid Currency Woes

Airtel Africa has reported a consolidated net profit of USD 7 million for the June 2024 quarter, reversing a USD 170 million loss from the previous year. Despite significant currency devaluation, a comprehensive cost optimization program and rising data customer penetration have supported the company's recovery.

Airtel Africa has achieved a consolidated net profit of USD 7 million for the June 2024 quarter, a significant turnaround from a USD 170 million loss in the year-ago period.

The company attributed the recovery to strong fundamentals and focused execution, despite facing challenges like exceptional derivative and foreign exchange losses and lower EBITDA.

CEO Sunil Taldar announced the implementation of a comprehensive cost optimisation programme, which has already yielded savings in network and distribution costs. The growth in data customer penetration further propelled the firm's performance.

(With inputs from agencies.)