Airtel Africa, a leading telecommunications company, has reported a 5% decline in profit for the first quarter of 2023, despite experiencing revenue growth.
The company's profit after tax (PAT) dropped by 0.6% to $750 million compared to the same period in 2022. However, revenue showed a positive trend, increasing by 11.5% to $5.25 million in Q1 2023.
Airtel's CEO, Olusegun Ogunsanya, attributed the profit dip to a challenging operating environment and concerns over currency devaluation. The company's financial statement also highlighted the impact of a clampdown on Nigerian subscribers who had not submitted their National Identification Number (NIN), resulting in a revenue loss of $110 million. Despite these challenges, Airtel Africa remains confident in its operating model and is focused on mitigating the effects of currency devaluation while investing in future growth opportunities.
