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.
READ ALSO: Glo, MTN, Airtel and 9Mobile reportedly move to increase tariff
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.
-
Latest6 days agoIsrael marks 3 years since October 7 Hamas attack amid Gaza strikes, election debate
-
Energy6 days agoFuel Battle: Dangote, marketers and government clash over petrol imports
-
Energy1 week agoPetrol, diesel prices rise 86% in 2026 as costs hit fresh highs
-
Football7 days agoNigeria’s World Cup exit under spotlight as FIFA’s DR Congo files emerge
-
Energy1 week agoHas Iran lost control of the Strait of Hormuz? Oil flows rebound as war disruptions persist
-
Latest7 days agoUS Court set to rule on release of FBI, DEA records on Tinubu
-
Latest17 hours agoFull List: Meet the 2026 Nobel Prize winners across six categories
-
Business7 days agoNigerian investors at a crossroads as fixed-income yields slide