IHS Holding Limited (NYSE: IHS), one of the largest independent owners, operators and developers of shared telecommunications infrastructure in the world by tower count, yesterday reported financial results for the fourth quarter and full year ended December 31, 2021.
Sam Darwish, IHS Towers Chairman and Chief Executive Officer, stated, “IHS delivered continued, strong financial and operational performance while accomplishing many actions that further strengthen our position.”
In addition to listing on the New York Stock Exchange in October, IHS executed a $1 billion bond offering and refinancing, entered the Egyptian market through a licensed partnership, closed the TIM Fiber transaction to create I-Systems, a fiber company in Brazil, and announced agreements to acquire MTN’s portfolio of 5,709 towers in South Africa, which Darwish expects will make IHS the leading independent tower company in South Africa upon closure.
Highlights for the year included:
- Revenue increased 12.6 percent to $1,579.7 million
- Loss for the period was $26.1 million
- Adjusted EBITDA was $926.4 million and Adjusted EBITDA margin was 58.6 percent
- Cash from operations was $788.1 million
- Recurring Levered Free Cash Flow was $406.2 million
- Completed the acquisition of Skysites, Centennial Colombia and the Centennial Brazil.
“We ended 2021 as the fourth largest independent multinational tower company with over 31,000 towers spanning nine countries on three continents,” Darwish said, “and, in January 2022, we announced the acquisition of the GTS SP5 portfolio of 2,115 towers in Brazil, after which IHS will become the third largest towerco in Brazil. I am delighted to say that, following consummation of the South African and GTS acquisitions, IHS will become the third largest independent multinational towerco globally by tower count, with over 38,000 towers.”
Darwish said IHS has deepened its commitment to Africa while also pursuing diversification strategy, building upon its entrance into Latam and the Middle East, and continuing its investment in small cells, DAS and fiber.
“We remain excited about the digital infrastructure opportunities available to us in emerging markets,” Darwish said, “where our critical infrastructure and approach to sustainability helps connect underserved communities to bridge the digital divide. We look forward to more opportunities in 2022 as several of our key markets such as Brazil and Nigeria begin to roll out 5G technologies.”
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