Airtel Africa Plc has commenced the second tranche of its ongoing $100 million share buy-back programme, valued at $55 million, days after releasing a significantly improved financial result that marked a sharp turnaround from last year’s losses.
The telecoms and mobile money operator confirmed the start of the new tranche in a disclosure filed with the Nigerian Exchange on Tuesday, the same day the buy-back resumed. This follows the successful completion of the first tranche worth $50 million in April, a component of the broader $100 million programme announced in December 2024.
The company said Barclays Capital Securities Limited has been engaged to execute on-market purchases of its shares in this second leg of the programme. Acting as a riskless principal, Barclays will make trading decisions independently, with no direct influence from Airtel Africa.
The company reiterated that the sole objective of the buy-back is to reduce its outstanding share capital, noting that all repurchased shares will be cancelled. The $55 million tranche is expected to be completed on or before 19th November 2025.
While the company stated the buy-back is strictly a capital reduction measure, analysts say it aligns with Airtel’s broader aim to strengthen its balance sheet and increase shareholder value following a volatile year dominated by currency shocks.
Reducing the company’s outstanding shares not only boosts earnings per share in future reporting periods but also minimizes future dividend payouts and other cash obligations tied to capital maintenance. It also signals confidence in the company’s valuation at a time when its stock has come under pressure across multiple exchanges where it is listed.
The share buy-back is unfolding amid improving macroeconomic conditions in some of Airtel Africa’s key markets, notably Nigeria, where currency instability had previously wiped off much of the group’s gains.
The current $100 million buy-back initiative, first unveiled in December 2024, was designed to be executed in two tranches.
The first tranche of $50 million began immediately after the announcement and concluded in April 2025. The newly announced tranche will take up the remaining $55 million, with Barclays overseeing the entire execution period.
This is Airtel Africa’s second share repurchase initiative. The first, also worth $100 million, was executed in 2024 as the company began deploying surplus capital to manage its share capital structure more efficiently.
The buy-back announcement comes as Airtel Africa basks in the glow of a robust financial turnaround. The company reported a pre-tax profit of $661 million for the year ending 31st March 2025, reversing a pre-tax loss of $63 million in 2024. After-tax profit stood at $328 million, compared to a $89 million loss last year.
The reversal was driven in large part by easing currency headwinds, especially in Nigeria, which had weighed down earnings in the previous fiscal year through massive foreign exchange and derivative losses.
According to the company’s latest earnings report, revenue grew by 23.2% in constant currency terms in the fourth quarter of the 2025 fiscal year and 17.8% in reported currency, underscoring the impact of strong operational execution and improved tariff frameworks in Nigeria.
“Our Q4 performance demonstrates the effectiveness of our strategy, with the recent tariff adjustment in Nigeria contributing significantly to revenue growth,” said Chief Executive Officer Sunil Taldar. “An improving operating environment and focused execution contributed to strong momentum in our financial results.”
Airtel Africa operates in 14 countries across sub-Saharan Africa and is one of the region’s leading providers of telecoms and mobile money services. The company has consistently positioned itself as a low-cost, high-growth operator despite facing persistent macroeconomic volatility, especially in its largest market, Nigeria.
With strong results, a leaner capital structure on the horizon, and shareholder confidence appearing to return, Airtel Africa’s strategic moves are expected to boost its stock performance in the coming quarters.
While the company hasn’t ruled out further buy-back programmes, the current one reflects its optimism about future earnings and the firm’s desire to return value to investors following a year marred by economic turmoil and FX crises in its core markets.
