Airtel Africa profit after tax down 17.2% at $180 mn in Sept quarter

Airtel Africa's revenue grew 12.7 percent on a reported basis and 18.5 percent in constant currency, to $1,308 million in Q2 September 2022

Telecom operator Airtel Africa on Thursday reported a 17.2 percent decline in net profit to $133 million in the quarter ended September 2022, on an annual basis. The latest hit was due to higher foreign exchange rates and derivative losses, the company said.

Profit attributable to owners of the company (before exceptional items) declined 30.2 percent year-on-year to $112 million in the  quarter ended September 2022. During the quarter, the company reported an exceptional gain of $21 million arising from the initial recognition of a deferred tax credit in Kenya.

Profit after tax excluding foreign exchange and derivative losses was