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.
-
Sports3 days agoSenegal opens Dakar 2026 Youth Olympic Games, Africa’s first Olympic event
-
Latest6 days agoTinubu endorses Nigeria’s participation in 2026 World Travel Market London
-
Football5 days agoU-17 Women’s World Cup: Flamingos Beat Mexico to Reach Quarter-Finals
-
Business3 days agoNNPC’s N66-per-litre petrol discount set to end October 31
-
Latest4 days agoNetanyahu, Eisenkot face coalition deadlock as Israel struggles to form new government
-
Crime1 week agoPassengers feared abducted on Kebbi-Abuja journey as viral video shows armed men threatening captives (VIDEO)
-
Featured5 days agoHow court ruling reshapes APC’s Imo West Senatorial contest
-
Latest3 days agoFG Announces N50,000 cash support for vulnerable Nigerians under new relief programme