Bharti Airtel Thursday said that its subsidiary Airtel Africa has been made a part of the coveted FTSE 100 Index effective Monday, January 31, 2022.
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.
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. Through its mobile telecoms and mobile money services, Airtel Africa plc is transforming the lives of over 122 million people across the 14 African markets in which it operates.
For the Half Year that 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. For the period its net profit doubled to $335 million while its leverage reduced to 1.5x from 2.2x. (All numbers y-o-y)
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.”