Judul : IHS Chairman Sam Darwish Honors Nigeria for Robust Q3'25 Performance
link : IHS Chairman Sam Darwish Honors Nigeria for Robust Q3'25 Performance
IHS Chairman Sam Darwish Honors Nigeria for Robust Q3'25 Performance
The New York Stock Exchange-listed IHS Towers, Africa's leading independent owner, operator, and developer of shared communications infrastructure, and among the world's top in terms of tower numbers, has reported robust third-quarter results that exceeded expectations, while updating its 2025 outlook higher.
This follows its strong performance in Nigeria, where Sam Darwish, Chairman and CEO, informed thousands of Wall Street investors and analysts during its earnings call that "in our view, the current Nigerian administration has done an excellent job in stabilizing and enhancing the country's economic prospects by increasing reserves and bolstering the currency, while also decreasing bureaucratic hurdles for businesses and other essential measures. Therefore, we are optimistic about Nigeria."
Revenue in Nigeria rose by 10.6% compared to the previous year, reaching $268.0 million, fueled by natural expansion throughout the period and aided by positive fluctuations in the Naira relative to the U.S. dollar.
Revenue across the Group rose by 8.3% compared to the previous year, reaching $455.1 million, even though there was a 3.0% negative impact on revenue from the disposal of the Company's Kuwait operations in December 2024. The organic revenue growth of 6.6% was driven by a 8.7% increase in constant currency and the advantage of foreign exchange ("FX") adjustments, which were partially counterbalanced by a decline in revenues associated with power indexation.
Underlying growth in constant currency was mainly fueled by increased revenues from colocation services, lease modifications, new locations, fiber solutions, and escalator clauses. This solid fundamental performance was additionally enhanced by a 4.7% positive impact from favorable foreign exchange movements, especially the strengthening of the Nigerian Naira relative to the U.S. dollar.
Adjusted EBITDA increased by 6.3% compared to the previous year, reaching $261.5 million, even with a 3.3% negative effect from the Kuwait sale. The Adjusted EBITDA margin stayed at 57.5%, similar to the second quarter of 2025, while net profit for the period amounted to $147.4 million.
Adjusted Levered Free Cash Flow (ALFCF) rose by 81.2% to $157.8 million, indicating management's efforts to boost free cash flow and the reallocation of interest payments across quarters after the November 2024 bond refinancing. Cash generated from operations grew by 42.3% to $259.6 million.
Total capital spending increased by 16.3% compared to the previous year, reaching $77.3 million, due to the timing of maintenance and expansion projects. The combined net leverage ratio decreased to 3.3x, a reduction of 0.6x from the previous year, well within the Company’s desired range of 3.0x to 4.0x.
Due to the robust performance so far this year and positive changes in currency exchange rates, the Company has increased its full-year 2025 forecast.
In Nigeria, where the Group operates its biggest facility, organic revenue rose by $12.2 million, marking a 5.0% year-over-year increase. This growth was mainly fueled by foreign exchange adjustments and escalations, which outweighed the decline in income due to diesel price changes. Ongoing revenue gains from Colocation, Lease Amendments, and New Sites were somewhat balanced by Churn resulting from the approximately 1,050 sites MTN Nigeria committed to leave as part of the renewed and extended contracts with MTN Nigeria, which were finalized in the third quarter of 2024.
The growth in organic revenue was supported by positive changes in foreign exchange rates used to convert the outcomes of international operations, with an average Naira rate of ₦1,523 per $1.00 in the third quarter of 2025, compared to an average rate of ₦1,601 per $1.00 in the same period in 2024. This resulted in a non-core increase of $13.5 million, or 5.6% year-over-year.
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