Airtel Malawi plc profit has jumped by more than 588 percent from K2.3 billion in 2018 to K15.9 billion last year, the firm’s published financial results for the year ended December 31 2019 show.
The Malawi Stock Exchange (MSE)-listed firm has also reported a 12.8 percent revenue growth at K92.9 billion on like-to-like basis, excluding mobile money, which was broad-based across voice (3.1 percent), data (42.1 percent) and other revenue (16 percent).
Reads the financial statement in part jointly signed by board chairperson Alex Chitsime and managing director Charles Kamoto: “We enter 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 view on the medium-term opportunity for growth in Malawi has not changed as the telco sector will continue to benefit from population growth and the need for increased connectivity.”
In February this year, Airtel Malawi plc listed on MSE following an Initial Public Offering of 2.2 billion shares, which was oversubscribed by 34 percent, raising K27.9 billion.
The listing of Airtel Malawi increased the number of listed counters on MSE to 15.
Airtel Malawi plc board has recommended a final dividend of K1.25 per ordinary share.