Despite posting a net loss of $89 million for the fiscal year ending March 31, 2024, Airtel Africa will pay a total dividend of N276 billion ($224 million).
The group had earlier paid an interim dividend of 2.38 US Cents per share at an exchange rate of N858.24/$ in December 2023. Airtel’s interim dividend payment amounted to N76.8 billion.
The group’s final dividend payment of 3.57 US Cents per share at an exchange rate of N1485.99/$ will amount to N199.4 billion, thus resulting in a total dividend payment of N276 billion.
Airtel’s total dividend of 5.95 US Cents per share marks a 9 per cent increase from the 5.45 US Cents per share total dividend distributed in the previous fiscal terms. In Naira terms, 2023/2024’s total dividend distribution marks a 130 per cent increase from the N120.1 billion distributed for FY 2022/2023.
Airtel Africa paid an interim dividend of 2.18 US Cents per share, at an exchange rate of N446.1/$ in November 2022. The group then paid a final dividend of 3.27 US Cents per share at an exchange rate of N680.2/$ in May 2023.
Airtel’s dividends payment is coming irrespective of an $89 million net loss incurred during the fiscal year.
The group is currently in the first phase of a $100 million share buyback programme, which is due to end in August 2024.
The group has bought back about £17.83 million worth of shares, representing about 17,086,055 million shares. The first phase of the buyback is currently being conducted on the London Stock Exchange, with Citigroup Global Markets serving as the agent.
It is yet unknown if the group will carry out the second phase of the buyback on the NGX.