Airtel Africa Plans $100 million Share Buyback

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Airtel Africa Plc has unveiled its intention to repurchase up to $100 million worth of its shares, underscoring confidence in its financial performance despite ongoing foreign exchange challenges.

In its financial statement for the nine months ended December 31, 2023, submitted to the Nigerian Exchange Limited (NGX), Airtel reported a 20.2% revenue growth in constant currency, with a notable acceleration to 21.0% in the third quarter of 2024.

Olusegun Ogunsanya, the Group Chief Executive Officer, highlighted the company’s sustained positive growth momentum, attributing it to a focused execution of their growth strategy and robust operational performance. He acknowledged the impact of inflationary pressures and currency fluctuations but emphasized the resilience of the business.

In light of their strong operating performance and current leverage, the company’s Board intends to initiate a share buyback program of up to $100 million, commencing in early March 2024 and spanning a 12-month period.

Source: Vanguard

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