AIRTELAFRI's Q1'24/25 revenue declined by 16.1% YoY to $1.16 billion, primarily due to significant currency pressures in its single largest market, Nigeria. The subsidiary saw a 51.5% YoY drop in topline to $256 million. In contrast, despite currency challenges in its Francophone and East African regions, revenue in those areas grew by 6.6% and 4.5%, respectively, bringing their combined income to $899.00 million.
In our FY'24/25 estimate, we revised revenue growth downwards to 0.9% YoY from 12.8% YoY, reflecting higher-than-expected currency pressures in the Nigerian subsidiary. The adverse currency movement is expected to mask the benefits of improved subscriber growth across the business and the improving mobile money traction in East and Francophone Africa.
