Airtel Africa Plc, the leading telecommunications company, is Nigeria’s most valuable listed company following a N530 billion jump in the value of the company to N5.79 trillion on Tuesday.
The company’s share surged by 10 percent to N1,540 to catapult the company ahead of Dangote Cement Plc, with a market valuation of N5.59 trillion.
Despite the triumphant return to the number one spot, Airtel Africa had recently reported a loss after tax of $13 million for the first half of the fiscal year ending on September 30, 2023.
The company attributed this loss primarily to a foreign exchange loss of $471 million recorded in finance cost before tax and an additional $317 million after-tax due to the devaluation of the Nigerian naira in June 2023.
MTN Nigeria Communications Plc, the third-most valuable company on the stock market, boasts a market capitalization of N5.16 trillion and a share price of N246.
Airtel Africa’s swift ascent back to the top position on the Nigerian stock market reflects the volatility and competitiveness of the nation’s financial landscape.
With its renewed strength and market performance, Airtel Africa has once again demonstrated its resilience and influence in Nigeria’s thriving telecommunications industry.