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Key highlights (Q1 2022)

Financial highlights

  • Revenue increased 23% year-on-year to US$127.5m (Q1 2021: US$103.6m), driven by acquisitions in Senegal, Madagascar and Malawi and strong organic tenancy growth across the Group. Excluding acquisitions, revenue increased 10% year-on-year.
    • Revenue increased by 4% quarter-on-quarter (Q4 2021: US$122.3m).
  • Adjusted EBITDA increased by 20% year-on-year to US$66.7m (Q1 2021: US$55.8m), driven by the three acquisitions closed over the past twelve months and organic tenancy growth in our established markets, partially offset by corporate SG&A investments previously communicated to support the Group’s transformational expansion from five markets to ten markets.
    • Adjusted EBITDA increased by 2% quarter-on-quarter (Q4 2021: US$65.6m).
  • Operating profit decreased year-on-year by US$2.7m and quarter-on-quarter by US$2.6m to US$14.4m, driven by higher depreciation from acquired assets, partially offset by Adjusted EBITDA growth.
  • Portfolio free cash flow increased by 34% year-on-year to US$49.4m (Q1 2021: US$37.0m), driven by the increase in Adjusted EBITDA, lower maintenance and corporate capital additions, lower tax payments partially offset by higher lease payments, due to higher site count.
    • Portfolio free cash flow was broadly flat quarter-on-quarter (Q4 2021: US$49.6m).
  • Cash generated from operations increased by 76% year-on-year to US$52.7m (Q1 2021: US$30.0m), driven by higher Adjusted EBITDA and working capital movements. The decrease quarter-on-quarter was primarily due to working capital movements.
  • Net leverage of 3.7x increased by +0.7x year-on-year (Q1 2021: 3.0x) and +0.1x quarter-on-quarter (Q4 2021: 3.6x), and remains at the low end of the Group's medium-term target range of 3.5x-4.5x.
  • Business underpinned by long-term contracted revenues of US$4.2bn (Q1 2021: US$2.8bn), of which 99% is from multinational MNOs, with an average remaining life of 7.4 years (Q1 2021: 6.6 years).

Read the Q1 2022 results announcement here

Operational highlights

  • Sites increased by +3,153 (+43%) year-on-year to 10,511 sites (Q1 2021: 7,358 sites), reflecting 733 organic site additions and the acquisition of +2,420 sites in Senegal, Madagascar and Malawi.
    • Sites increased by +951 quarter-on-quarter (Q4 2021: 9,560), including +228 organic tenancy additions and +723 sites from the Malawi acquisition.
  • Tenancies increased by +4,501 year-on-year to 20,233 tenants (Q1 2021: 15,732 tenants), reflecting +1,545 organic tenancy additions and +2,956 additional tenancies through the acquisition of passive infrastructure assets in Senegal, Madagascar and Malawi.
    • Tenancies increased by +1,457 quarter-on-quarter (Q4 2021: 18,776), including +359 organic tenancy additions and +1,098 tenancies from the Malawi acquisition.
  • Tenancy ratio decreased -0.22x year-on-year to 1.92x (Q1 2021: 2.14x), reflecting the dilutive impact of the acquired assets in Senegal, Madagascar and Malawi (Senegal Q1 2022: 1.1x, Madagascar Q1 2022: 1.2x, Malawi Q1 2022: 1.5x). Excluding acquired assets, the Group’s tenancy ratio remained flat at 2.14x year-on-year.

Read the Q1 2022 results announcement here