airtel africa

Airtel Africa, a leading telecommunications firm operating in 14 African countries, has reported a staggering 99% decline in profits last year. This significant drop in profits is primarily attributed to the devaluation of currency in some of its biggest markets, including Nigeria, Malawi, Zambia, and Kenya.

Massive devaluations of Nigeria’s Naira and the Malawian Kwacha have squeezed Airtel Africa’s profits. Currency devaluation affects the value of a company’s earnings and assets held in that currency, which can lead to a decrease in the company’s overall profitability.

Despite the setback, Airtel Africa continues to be a major player in the telecommunications sector. The company provides mobile telecommunications services to 140 million subscribers as of March 2023. In addition to mobile telephony, the company also offers Internet access, data transmission services, and mobile money services to 31.5 million mobile customers.

The 99% dive in Airtel Africa’s profits underscores the challenges multinational corporations face when operating in markets with volatile currencies. However, with a strong subscriber base and a diverse range of services, Airtel Africa is well-positioned to navigate these challenges and continue its growth trajectory.

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Eric
Eric is just a nerd who loves to write about tech

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