Helios Towers posted “strong” growth in its Q1 results with a 23% hike in revenue year-on-year (YoY), which is attributed to the company’s established African markets, and new acquisitions in Senegal, Madagascar and Malawi.
In a statement, Helios Tower’s new CEO Tom Greenwood said: “Our recent platform expansion is progressing well, as we become the most diversified towerco in the region with the doubling of our sites and markets. We have many exciting years ahead as we move to a new phase of our journey and launch our five-year sustainable business strategy - focused on driving growth, impact, margins and returns.”
The company reported a 43% increase in cell sites from 7,358 in Q1 2021 to 10,511 in Q1 2022. Tenancies for its sites were also up 29% to 20,233.
Revenues were up from US$103.6m to US$127.5m, while operating profit stood at $14.4m, down from $17.1m. However, adjusted EBITDA increased by 20% YoY to US$66.7m.
Most notably debt mirrored last quarter totalling US$1.01 billion, which was up 50% from USS$673m.
On its 2022 outlook, Helios Towers expects to add 1,200 to 1,700 organic tenancy additions, of which 60% are expected to be new sites from acquisitions. The group has a target CAPEX of US$810m to US$850m this financial year.