Helios Towers, an Africa-focused independent telecom infrastructure group led by Ghanaian businessman Samuel Jonah, reported a double-digit increase in revenue in the first quarter of 2022, owing to the acquisition of new tower infrastructures across the continent.
According to figures in its recently published report, its revenue increased by 23 percent from $103.6 million in the first quarter of 2021 to $127.5 million at the end of the first quarter of 2022, owing to a 43-percent increase in the number of its sites from 7,538 to 10,511.
Excluding the contribution from new acquisitions, revenue increased 10 percent year-on-year, and four percent compared to the figures reported in the fourth quarter of 2021.
While commenting on the results, Helios Towers CEO Tom Greewood stated that the strong growth in the group’s earnings in the first quarter of 2022 was driven by continued organic demand in its established markets, as well as contributions from acquisitions as it gained entry into three new markets of Senegal, Madagascar and Malawi.
“With the doubling of our sites and markets, we are on track to become the most diverse towerco in the region. We have many exciting years ahead of us as we embark on a new chapter in our journey and launch our five-year sustainable business strategy – focused on driving growth, impact, margins and returns,” he added.
Adjusted EBITDA increased by 20 percent year-on-year, from $55.8 million to $66.7 million, according to management.
This was driven by three acquisitions completed in the last 12 months, as well as organic tenancy growth in its established markets, which were partially offset by corporate investments previously communicated to support the group’s transformational expansion from five to ten markets.
Helios Towers is a leading independent telecom infrastructure group with one of Africa’s largest tower portfolios.
The group, led by Jonah, owns and operates telecom tower sites in Tanzania, the Democratic Republic of the Congo, Republic of the Congo, Ghana, South Africa, Senegal and Madagascar.
Helios Towers completed the acquisition of Airtel Africa’s passive infrastructure company’s tower assets in Malawi nearly five weeks ago, marking Helios Towers’ first transaction in Malawi.
This is also its third transaction with Airtel Africa in five months, as the Africa-focused telecom infrastructure group seeks to diversify its tower assets across the continent to strengthen its earnings power through organic portfolio expansion, multiple acquisitions and continued investment in its teams and platform.