Info-tech

Airtel’s Africa unit to be inducted into FTSE 100 index

Our Bureau | | Updated on: Jan 27, 2022

A worker cleans a Bharti Airtel logo inside its shop in Kolkata February 2, 2011. Improved prospects in Africa and the launch of 3G services in India have brightened the outlook for Bharti Airtel after currency losses led to a bigger-than-forecast drop in quarterly profit. REUTERS/Rupak De Chowdhuri (INDIA - Tags: BUSINESS) | Photo Credit: RUPAK DE CHOWDHURI

This will be effective from January 31

Bharti Airtel’s subsidiary Airtel Africa has been made a part of the FTSE 100 Index effective January 31.

“Airtel Africa listed on the London Stock Exchange in June 2019 and the milestone underscores the growing investor confidence in the business. The company had a market capitalisation of over $7.5* billion (*as per closing price on 26.01.2022) with Enterprise Value at $10.7 billion,” the company said in a statement.

For half year ended September 30, 2021, Airtel Africa’s revenue grew by 25.2 per cent year-on-year to $2.27 billion with double-digit growth across all regions. For the period its net profit doubled to $335 million while its leverage reduced to 1.5x from 2.2x.

Sunil Bharti Mittal, Chairman, Bharti Airtel said: “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.”

“Delighted that after long years and hard efforts of the team Airtel, the Africa operations have had a stellar turnaround. A lot of credit goes to the changed leadership under Raghu Mandava an Airtel veteran who along with his team spent 5 years reshaping the strategy in Africa. We continue to invest aggressively and execute our growth strategy under the new MD&CEO Segun Ogunsanya to deliver on the significant market potential afforded by Africa and strengthen Airtel’s position as one the biggest global brands out of India.” added Sunil Bharti Mittal.

Headquartered in India, Airtel is a global communications solutions provider with over 480 Mn customers in 17 countries across South Asia and Africa.

Published on January 27, 2022
COMMENTS
This article is closed for comments.
Please Email the Editor

You May Also Like

Recommended for you