IHS Holding, the telecom infrastructure giant led by U.S.-Nigerian businessman Sam Darwish, reported a significant decline in revenue for the second quarter of 2024 .
The company's revenue fell to $435.4 million, down 20.3 percent from $546.2 million in the same period last year. The drop in revenue was primarily due to the 63.5 percent devaluation of the Nigerian Naira, which severely impacted earnings.
As a result of the decline in its top-line figures, the company faced a net loss of $124.31 million for Q2 2024, with $169.7 million attributed to unrealized foreign exchange (FX) losses. This highlights the ongoing challenges stemming from Nigeria's volatile FX market.
CEO optimistic despite setbacksAdjusted EBITDA for the quarter was $250.8 million, reflecting an 11.9 percent decrease year-over-year, largely due to a $307.2 million FX headwind. However, the EBITDA margin improved slightly to 57.6 percent, suggesting some resilience in adapting to the FX fluctuations.
