Airtel Malawi posts K15.9 billion profit after tax – Deloitte

Airtel Malawi Plc has posted K15.908 billion as profit after tax as at December 31, 2019 which is up by K13.598 from the K2.310 billion it made the previous year.

Charles Kamoto: Airtel Malawi CEO

According to the financial results prepared by chartered accountants Deloitte, on behalf of the Airtel Malawi Board, the profit after tax went up mainly due to increase in operating profit and that the previous year’s had one-off impact on reversal of unrealised exchange gain on unpaid liability of Malawi Towers Limited to Airtel Malawi Plc.

The company’s Board has since recommended a final dividend of K1.25 per ordinary share and will be paid after approval at the annual general meeting (AGM) in July 2020 at a date to be determined.

The financial report further say a double digit customer base grew at 19.4% to 4 million and revenue on like-to-like basis but excluding mobile money, increased by 12.8% to K92.824 billion.

Revenue growth recorded across all business segments, with voice revenue, went up by 3.1%, data by 42.1% and other revenue by 16%.

Free cash flow was K12.471 billion, compared with negative free cash flow in previous year while basic earnings per share (EPS) was K1.45.

The report say the ‘on like-to-like basis excluding mobile money’ comparison used in the commentary on financial results compares the 2019 performance to 2018 results, excluding the results of the mobile money operation in that year.

According to the Board’s chairperson Alex Chitsime and Managing Director Charles Kamoto, the directors have prepared the summary financial statements in order to meet the listing requirements of the Malawi Stock Exchange.

“The Directors have considered the listing requirements of the Malawi Stock Exchange and believe that the summary statement of financial position, statement of comprehensive income, statement of cash flows and statement of changes in equity are sufficient to meet the requirements of the users of the summary financial statements.”

On outlook, Airtel takes cognizance that the country’s business enters a period of increased volatility as a result of the impact of COVID-19 on the economy and customer demand, due to lower disposable income.

“Our focus remains to support the communities where we operate and keep our 4 million customers connected to the network.”

Airtel Malawi officially listed on Malawi Stock Exchange on February 24, 2020.

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