Business
Airtel Africa buys back shares, cites strong financial position despite revenue decline
On August 7, 2024, Airtel Africa announced the repurchase of 406,000 ordinary shares from Citigroup Global Markets as part of its ongoing share buyback program.
The shares were bought on the London Stock Exchange at an average price of 108.82p, with prices ranging from 107.70p to 110.20p. This move follows the company’s March 1, 2024, plan to buy back up to 34.9 million shares over 12 months.
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The decision, supported by strong cash flow and reserves, aims to reduce share capital and debt obligations.
Despite a 133.6% year-over-year increase in pre-tax profit to $74 million in Q2 2024, revenue fell by 16.1% to $1.15 billion, attributed to inflation and rising diesel costs, particularly in Nigeria.
CEO Sunil Talder acknowledged these challenges but reaffirmed the company’s strong position in the Nigerian stock market, with shares trading at N2,200 each.
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