Airtel Malawi Plc Reaffirms Commitment to Transparency and Growth
Airtel Malawi Plc has reiterated its dedication to transparency and growth in a bid to address the concerns of its minority shareholders. This commitment was made during the company’s 25th Annual General Meeting (AGM) held on October 22, 2024, which followed a prior adjournment related to the revision of its financial results for the year ending 2023.
The revision stemmed from a thorough review of accounting treatments concerning its US$ indexed tower lease contract. As a result, Airtel Malawi reported a loss of K15 billion after tax for that period in revised financial statements released in August 2024.
“Airtel Malawi remains committed to delivering value to its shareholders and customers, continuing its journey of innovation and excellence in the telecommunications industry,” said Mark Mikwamba, Board Director and acting chairperson for the AGM.
The AGM was particularly significant as it marked the final meeting for Managing Director Charles Kamoto, who is set to transition to a role in Tanzania. Kamoto joined Airtel Malawi in 2014 as Chief Commercial Officer before rising to the position of Managing Director in 2016. He has played a pivotal role in the company’s growth and its status as a leader in the mobile telecommunications sector.
“I am leaving behind a vibrant and vigilant team that I am confident will continue to drive the company’s growth and expand its services to greater heights,” Kamoto stated.
In a positive turn, Airtel Malawi recently announced a profit after tax of MK21.3 billion for the half-year ending June 30, 2024, marking a 16.7% increase compared to the financial results for the year ending December 2023. This significant growth underscores the company’s resilience and strategic outlook amidst challenging market conditions.
Airtel Malawi’s commitment to transparency and accountability, especially in light of its recent financial adjustments, reflects a broader goal of fostering trust and engagement with its shareholders and customers. As the telecommunications giant navigates these changes, its focus remains on innovation and excellence, ensuring it continues to meet the evolving needs of the Malawian market.
Follow and Subscribe Nyasa TV :