IHS Holding has reported 35.1 percent increase in revenue to $602.5 million for the first quarter ended March 31, 2023 as compared to $446.1 million for the first quarter of 2022.
IHS Holding has generated revenue of $424.978 million (+32.5 percent) from Nigeria, $122.16 million (+42.7 percent) from SSA, $45.649 million (+46.2 percent) from Latin America, $9.741 million (+13.1 percent) from MENA.
IHS Holding said its profit fell to $7.7 million for the first quarter of 2023 compared to a profit of $15.1 million for the first quarter of 2022. The decrease in profit reflects the impact of an increase in cost of sales including higher power generation cost, which includes diesel costs, and increased administrative expenses associated with the acquisitions
Sam Darwish, IHS Towers Chairman and Chief Executive Officer, stated, “We had another strong quarter with growth primarily driven by a sequential step-up from new Lease Amendments, escalations, and FX resets, while growth from power moderated.”
Capital expenditures were $152.6 million compared to $117.0 million for the first quarter of 2022. The increase is primarily driven by increases in capital expenditures for SSA, Latam and Nigeria segments of $16.1 million, $12.2 million and $8.2 million, respectively.
The increase in Capex in SSA was driven by an increase of $16 million from South Africa due to refurbishment capital expenditures associated with the MTN SA Acquisition and a $1.2 million increase in maintenance capital expenditures.
The increase in Capex in Latam is driven by increases of $6.3 million related to fiber capital expenditures and $3.5 million from corporate capital expenditures.
The increase in Capex in Nigeria was driven by increases of $28.7 million related to Project Green and $1.6 million from maintenance capital expenditures, partially offset by a decrease of $13.4 million in other capital expenditures and fiber capital expenditures of $9.1 million.
IHS said spending for Project Green was $33.8 million during the first quarter of 2023 and total spend to March 31, 2023 was $137.4 million.