Airtel reported a loss after tax of US$89 million for the fiscal year ending March 31, 2024.

Airtel Africa is lamenting the foreign exchange headwinds in Malawi and Nigeria, which resulted in a loss after tax of US$89 million for the fiscal year ending March 31, 2024.

The telecom provider expressed concern about the Nigerian naira devaluation in June 2023 and earlier this year, as well as the Malawian kwacha devaluation in November 2023.

Nonetheless, the telco said its total customer base increased by 9% to 152.7 million customers.

Airtel reported a 17.8 percent rise in data customers to 64.4 million, as well as a 20.8% increase in data usage per customer.

Mobile money subscriber growth of 20.7 percent showed ongoing investment in distribution to achieve increased financial inclusion across markets.

Also, Airtel announced that 95 percent of its sites were now 4G operational, resulting in a 42.3 percent increase in 4G consumers over the previous year.

In constant currency, mobile services revenue increased by 19.4 percent throughout the group, driven by 11.9 percent growth in voice revenue and 29.2 percent growth in data.

Mobile Money revenue increased by 32.8% in constant currency, with sustained excellent success in East Africa.

Olusegun Ogunsanya, Chief Executive Officer, stated that the consistent implementation of the company's "win win” strategy has enabled the acceleration of constant currency sales growth in recent quarters, reducing the impact of currency headwinds in most regions.

“This strong revenue performance is a reflection not only of the opportunity that is inherent across our markets, but also the resilience of our affordable offerings despite the inflationary pressure many of our customers have experienced,” he said.

"This strong revenue performance is a reflection not only of the opportunity that is inherent across our markets, but also the resilience of our affordable offerings despite the inflationary pressure many of our customers have experienced."