Bharti Airtel on Thursday announced that its subsidiary Airtel Africa has been included in the FTSE 100 Index, which includes the top 100 companies on the London Stock exchange, with effect from January 31, 2022.
Airtel Africa was listed on the London Stock Exchange in June 2019.
The company had a market capitalisation of over USD 7.5 billion as per closing price on January 26, with an enterprise value of USD 10.7 billion, Bharti Airtel said in a statement.
"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," Bharti Airtel Chairman Sunil Bharti Mittal said.
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.
Airtel Africa has over 122 million customers across the 14 African markets in which it operates.
"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 in reshaping the strategy in Africa," Mittal said.
He said that the company will continue to invest aggressively and execute a growth strategy under the new MD and 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.
For the half-year ended September 30, 2021, Airtel Africa's revenue grew by 25.2 per cent to USD 2.27 billion with double-digit growth across all regions.
During the period, its net profit doubled to USD 335 million, while its leverage reduced to 1.5 times from 2.2 times on a year-on-year basis.
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