Airtel Africa reports $151m loss after tax, voice call revenue drops in Nigeria

Airtel Nigeria recorded $528 million in revenue from its mobile services in the country in the second quarter of 2023, amid growth in data and voice turnover.

The company said its revenue in Nigeria, based on reported currency change, rose by 23 per cent in Q2 this year, surpassing the $517 million reported in Q2 2022.

According to the financial statements of the company, Airtel Nigeria subscribers dropped their spending on calls, as voice revenue dropped to $254 million between April to June 2022, slightly below the $259 million spent in the same period last year.

Although the data revenue grew to $228 million in the review period, rising above the $210 million the company generated from its internet users in Nigeria in the corresponding period last year.

However, note that Airtel Africa’s total revenue rose by 9.6 per cent based on reported currency change, as it closed the period at $1.37 billion, against $1.25 billion generated in the second quarter last year.

READ ALSO:Airtel Africa to suffer over $22m loss to naira devaluation

In the breakdown, Airtel Africa reported that it generated $621 million from voice services, surpassing the $610 million reported in the same period the year before.

Also, it was revealed that data services generated $486 million within the quarter ended June, up from $418 million grossed in the second quarter in 2023.

Meanwhile, Airtel Africa suffered a $151 million loss after tax due to the naira devaluation in Nigeria, the company disclosed.

“Profit after tax was negative ($151m) driven largely by a foreign exchange loss of $471m recorded in finance cost before tax and $317m after tax because of the devaluation of the Nigerian naira in the month of June 2023. This impact has been classified as a non-operating exceptional item,” the firm says.

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