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Airtel Africa PLC on Thursday reported a fall in annual profit as net finance costs ballooned due to the devaluation of some African currencies. The London-based, Africa-focused telecommunications company said pretax profit in financial year 2023 that ended on March 31 fell 16% to $1.03 billion from $1.22 billion a year prior. Revenue grew by 12% to $5.26 billion from $4.71 billion. However, net finance costs increased 79% to $723 million from $403 million. The company reported higher foreign exchange and derivative losses of $245 million, and a hit of $82 million from devaluations of the Nigerian naira. It also reported a $96 million hit from the devaluation of and Kenyan and Ugandan shillings and Malawian and Zambian kwachas. Expenses rose 12% to $2.69 billion from $2.41 billion. The company recommended a final dividend of 3.27 US cents, up 9.0% from 3 US cents a year ago. The total dividend is 5.45 US cents, up 9.0% from 5 US cents. Looking ahead, Airtel Africa cited long-term attractive opportunities despite currency devaluation, which it aims to mitigate. Airtel Africa shares were 4.5% lower at 112.75 pence each in London, one of the worst FTSE 100 performers on Thursday morning. Copyright 2023 Alliance News Ltd. All Rights Reserved.
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