A recently released financial statement by Airtel Malawi has shown that the company registered a profit of K15.9 billion in 2019, from 2.3 billion in 2018.
The statement signed by board chairperson Alex Chitsime and managing director Charles Kamoto says that for 2020, the company sees volatility amidst the corona virus pandemic. However, in 2019 the company weathered a tough year following the pre/post election tension that negatively affected the businesses in Malawi. The dust has not yet settled as there are Presidential elections on 23rd June this year.
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%, raising K27.9 billion. “Our view on the medium-term opportunity for growth in Malawi has not changed as the telecom sector will continue to benefit from population growth and the need for increased connectivity.” says part of the statement