For the period ended 31 March 2022, revenues increased 23.4% to $446.1 million compared to the same period in 2021.
Adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) came in at $244.9 million, up 13.9% from Q1 2021. The EBITDA margin was 54.9%.
Profit for the period was $16.9 million, compared to a loss of $29 million in 2021, while cash from operations topped $166.9 million down from $201.5 million in 2021.
"We had another strong quarter, with revenue, adjusted EBITDA, and RLFCF all above our own internal expectations, as well as consensus estimates, and we are now tracking towards the higher end of our initial 2022 revenue and adjusted EBITDA guidance, excluding the benefit from adding in our pending deal in South Africa that we expect to close imminently," said Sam Darwish, chairman and chief executive officer of IHS Towers.
Geographically, revenue its Nigeria business segment increased by $59.4 million (22.7%), to $320.7 million. Across its Sub-Saharan Africa segment, IHS saw its revenue increased by $2.5 million, (3.0%), to $85.6 million.
Its MENA footprint saw revenues increase by $1.9 million (28.1%), to $8.6 million, and across Latin America, revenues increased by $20.7 million (197.4%), to $31.2 million for the quarter.
"Including the approximately 5,700 towers subject to the imminent completion of our pending deal in South Africa, IHS will own nearly 39,000 towers across 11 countries, making us the 3rd largest independent multinational tower company by tower count," added Darwish.
"This geographic scale helps diversify our revenue stream, and also positions us in some of the largest emerging markets in the world, including the three largest countries in Africa by GDP – Nigeria, South Africa, and Egypt; and Brazil, which is the largest Latam country by GDP."
Looking ahead, the company's full year guidance is predicting year-on-year organic revenue growth of approximately 15% as well as build-to-suit of approximately 2,350 sites of which 1,250 sites will be in Nigeria and 700 sites in Brazil.
