Airtel Africa is to pay N276 billion as 2023 final dividend despite posting a net loss of $89m (N133bn) for the year ending March 31, 2024.
This was contained in the corporate notice with the Nigerian Exchange Group (NGX), with the group announcing 3.57 US Cents per share for FY 2023/2024.
It also fixed 1,485.99/$ as the exchange rate for the 2023 final dividend.
The group, a leading pan-African provider of telecommunications and mobile money services, with a presence in 14 countries across Africa, had earlier paid an interim dividend of 2.38 US Cents per share at an exchange rate of N858.24/$ in December 2023.
The payment of dividends by Airtel Africa was greeted with applause from shareholders coming at a time most companies in the telecommunication sector, foods and beverages, among others were not paying dividends.
The corporate filing also indicated that the final dividend is payable on 26 July 2024 to shareholders on the register as of close of business on 21 June 2024.
According to the company, shareholders that hold their shares on the London Stock Exchange may elect to receive their dividend payment in GB pounds or U.S. dollars.
The statement added, “The closing date for the dividend currency election to the Company’s Registrars Coronation Registrars Limited in Nigeria is 8 July 2024.
“Shareholders holding their shares on the NSE who do not indicate their currency of choice before 8 July 2024 will receive their dividends in Nigerian naira.”