AIRTELAFRI's financial results for FY'23/24 showed a downturn in earnings, largely due to multi-currency weaknesses in some of its operational regions. Nigeria, AIRTELAFRI's largest single market, was the only market to report a sales decline, which subsequently dragged down the entire group's revenue. We expect AIRTELAFRI to return to profitability in FY'24/25 on the back of tamer Naira devaluation in Nigeria and increasing traction of the mobile money business, especially in East Africa and the Francophone regions. Furthermore, the intensified efforts of the management to localise debt will likely reduce FX losses, which bodes well for earnings.
