Airtel Africa to pay N276 billion total dividend for 2023, chooses N1,485.99 as exchange rate for final dividen

Airtel Africa is set to pay a total dividend of N276 billion ($224 million) for the fiscal year ending March 31, 2024. This comes despite the company reporting a net loss of $89 million during the same period.

The dividend payout will be made in two parts: a final dividend of N53.05 per share and an earlier interim dividend of N76.8 billion already paid in December 2023. The exchange rate used for the final dividend is N1485.99 per dollar.

This total dividend represents a 9% increase from the previous fiscal year and a 130% increase in Naira terms. Shareholders whose names appear on the register by June 21, 2024 will receive the final dividend payment on July 26, 2024.

Interestingly, this dividend payout coincides with a $100 million share buyback program currently underway. The first phase of the buyback is being conducted on the London Stock Exchange and is expected to end in August 2024. It remains unclear if there will be a second phase on the Nigerian Stock Exchange.

Despite the net loss and significant capital expenditure, Airtel Africa highlights its commitment to a strong capital allocation strategy with a focus on reducing foreign currency debt.