U.s.-nigerian Telecom Tycoon Sam Darwish-led Ihs Reports Lower 2024 Revenue At 1.7 Billion

IHS Towers 2024 revenue fell 19.5 to 1.71 billion, hit by Nigerian naira devaluation despite strong organic growth.

The company sold its Kuwait unit for 230 million and raised 1.2 billion in senior notes to refinance debt.

IHS forecasts up to 1.71 billion in 2025 revenue, plans 500 new sites, and focuses on profitability amid market challenges.

IHS Towers, the telecom infrastructure giant led by U.S.-Nigerian telecom tycoon Sam Darwish, reported a sharp drop in revenue for 2024, with earnings falling to 1.71 billion. The declinedriven largely by the devaluation of the Nigerian nairaunderscores the financial challenges facing the company despite strong operational growth.

According to its annual report , IHS saw a 19.5 percent drop in revenue from 2.13 billion in 2023. While organic revenue surged 48.1 percentboosted by colocation growth, lease amendments, and new site deploymentsthe currency devaluation in Nigeria significantly impacted earnings. The company ended the year with a net loss of 1.64 billion, of which 1.61 billion stemmed from unrealized foreign exchange losses.

Still, there were signs of improvement. Lower financing costs, gains from the 83.9 million sale of its Kuwait unit, and a 72.9 million reduction in impairment charges helped ease losses compared to the nearly 2 billion net loss reported in 2023. However, a goodwill impairment charge of 87.9 million in IHS Latam weighed on the results, and cash from operations dropped 14.07 percent to 775.9 million.

To manage macroeconomic pressures, IHS renewed key lease agreements with MTN and Airtel Nigeriasecuring 72 percent of its group revenue. The company also introduced power indexation in Nigeria to mitigate energy costs and unbundled MTN's power contract in South Africa.

Weve made significant progress in de-risking our business, strengthening our balance sheet, and securing long-term customer contracts, said Sam Darwish, chairman and CEO of IHS Towers. With strong structural growth trends, continued 5G deployment, and a more stable macroeconomic environment, we remain confident in our ability to generate sustained growth and deliver increasing returns for stakeholders.