Airtel Africa Q2FY25 results: Net profit declines 80% to $24 million

Quick Summary:

The company has previously stated it has been actively reducing its forex exposure across the group over the past few years and will continue to focus on this area to mitigate the impact of any potential future devaluation.

Airtel Africa has paid down its foreign currency debt exposure by $809 million.

Profit was impacted by $71 million of exceptional derivative and foreign exchange losses (net of tax) arising from further depreciation in the Nigerian naira in Q1, the company said.

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Article Details

Category: BusinessFinance

Markets: IndiaNigerNigeria

Topics: Telecom provider Airtel Africa net profit Airtel Africa Q2 results African currencies

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-10-25 @ 17:09:05 (6 days ago)

News Timezone: GMT +5:00

News Source URL: business-standard.com

Language: English

Article Length: 495 words

Reading Time: 3 minutes read

Sentences: 18 lines

Sentence Length: 28 words per sentence (average)

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Copyright Owner: © Business Standard

News ID: 23238906

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