Airtel Africa enters into UK's FTSE 100 Index
What you need to know:
- The Financial Times Stock Exchange 100 Index, also called the FTSE 100 Index which was launched in 1984 .
- The index is maintained by the FTSE Group, now a wholly owned subsidiary of the London Stock Exchange, which originated as a joint venture between the Financial Times and the London Stock Exchange. It is calculated in real time and published every second when the market is open.
London. Airtel Africa has been included in the FTSE 100 Index, which includes the top 100 companies on the London Stock exchange, with effect from January 31, 2022,
Through its mobile telecoms and mobile money services, Airtel Africa plc now has over 122 million subscribers across the 14 African markets in which it operates.
Airtel Africa was floated on the London Stock Exchange in June 2019, and has since demonstrated significant growth in its customer base, revenues, profits, margins, and cash generation, as well as strengthening its balance sheet through reduced leverage.
Airtel entered Africa in 2010 and the business has demonstrated consistent growth in its customer base, revenues, profits, margins, and cash generation, as well as strengthening its balance sheet through reduced leverage.
Commenting on the latest development, Segun Ogunsanya, CEO, Airtel Africa said he was immensely proud that Airtel Africa will be joining the FTSE 100 only two and a half years it was listed on the London Stock Exchange.
“This achievement has been on the back of all the hard work and success achieved by everyone at Airtel Africa. We look forward to growing the Company further as we continue to sustainably bridge the digital divide, expand financial inclusion and meet the evolving needs of our customers,” said Mr Ogunsanya
The company had a market capitalisation of over $7.5 billion as per closing price on January 26, with an enterprise value of $10.7 billion, Bharti Airtel said in a statement.
"This is a significant milestone for Airtel Africa, which becomes part of the FTSE 100 in just two and a half years of listing on the London Stock Exchange joining the most valuable companies. Airtel Africa is a strong player in the African continent, which has emerged as the next growth frontier globally," Bharti Airtel Chairman Sunil Bharti Mittal said.
He said that the company will continue to invest aggressively and execute a growth strategy under the new MD and CEO Segun Ogunsanya to deliver on the significant market potential afforded by Africa and strengthen Airtel's position as one the biggest global brands.
For the half-year ended September 30, 2021, Airtel Africa's revenue grew by 25.2 per cent to $2.27 billion with double-digit growth across all regions.
During the period, its net profit doubled to $335 million, while its leverage reduced to 1.5 times from 2.2 times on a year-on-year basis.
