Africa's mobile tower operator IHS Holding continued to widen its losses in the third quarter of this year, driven by the aggregate impact of a positive one-off revenue catch-up in 2020.
The company, one of the largest independent owners, operators and developers of telecoms infrastructure worldwide, reported a loss of $30.4 million for the three-month period ending September 30, compared with a loss of $20m for the same period last year.
Increases in the cost of sales and administrative expenses resulting from incremental costs, its transition to a publicly listed company as well as higher power generation costs also added to its losses, IHS Holding said.
An increase in the impairment of property, plant, equipment, and prepaid land rent stemming from a $37.8m year-on-year increase in the Nigeria segment also contributed to the loss.
Revenue for the period rose 8.7 per cent to $400.5m in the third quarter. The company said its revenue for the third quarter of 2020 was positively affected by a one-time revenue catch-up of $13.1m due to retrospective currency-related amendments to MTN Nigeria Communications.
"Today, we are the fourth-largest independent multinational tower company and the only such company focused solely on emerging markets, where our critical infrastructure helps connect underserved communities to bridge the digital divide," chief executive Sam Darwish said.
Founded in Lagos in 2001, IHS Holding sold 18 million shares in an initial public offering on the New York Stock Exchange in October, raising $378m.
Mr Darwish said the company's overall tower count globally reached 30,500, with the addition of 3,000 towers following acquisitions in Latin America earlier in 2021.
"In Nigeria, we are rolling out fibre connectivity, as well as our rural telephony offering, which is connecting some of the most remote communities," he said.
The company's adjusted earnings before interest, tax, depreciation, and amortisation, reflecting the one-time revenue catch-up, fell 4.2 per cent to reach $219m in the third quarter.
Capital expenditure in the third quarter rose 33.8 per cent to $81.6m, driven by growth in the Nigeria segment.
Indian origin executives leading top technology firms
Sundar Pichai
Chief executive, Google and Alphabet
Satya Nadella
Chief executive, Microsoft
Ajaypal Singh Banga
President and chief executive, Mastercard
Shantanu Narayen
Chief executive, chairman, and president, Adobe
Indra Nooyi
Board of directors, Amazon and former chief executive, PepsiCo
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Oscars in the UAE
The 90th Academy Awards will be aired in the UAE from 3.30am on Monday, March 5 on OSN, with the ceremony starting at 5am
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Kareem Shaheen on Canada
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UAE v Gibraltar
What: International friendly
When: 7pm kick off
Where: Rugby Park, Dubai Sports City
Admission: Free
Online: The match will be broadcast live on Dubai Exiles’ Facebook page
UAE squad: Lucas Waddington (Dubai Exiles), Gio Fourie (Exiles), Craig Nutt (Abu Dhabi Harlequins), Phil Brady (Harlequins), Daniel Perry (Dubai Hurricanes), Esekaia Dranibota (Harlequins), Matt Mills (Exiles), Jaen Botes (Exiles), Kristian Stinson (Exiles), Murray Reason (Abu Dhabi Saracens), Dave Knight (Hurricanes), Ross Samson (Jebel Ali Dragons), DuRandt Gerber (Exiles), Saki Naisau (Dragons), Andrew Powell (Hurricanes), Emosi Vacanau (Harlequins), Niko Volavola (Dragons), Matt Richards (Dragons), Luke Stevenson (Harlequins), Josh Ives (Dubai Sports City Eagles), Sean Stevens (Saracens), Thinus Steyn (Exiles)
Our commentary on Brexit
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Manchester United v Everton
Where: Old Trafford, Manchester
When: Sunday, kick-off 7pm (UAE)
How to watch: Live on BeIN Sports 11HD
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Result
UAE (S. Tagliabue 90 1') 1-2 Uzbekistan (Shokhruz Norkhonov 48', 86')
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Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
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Indoor cricket in a nutshell
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16 Indoor cricket matches are 16 overs per side
8 There are eight players per team
9 There have been nine Indoor Cricket World Cups for men. Australia have won every one.
5 Five runs are deducted from the score when a wickets falls
4 Batsmen bat in pairs, facing four overs per partnership
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A Front net, behind the striker and wicketkeeper: 0 runs
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C Side nets between halfway and the bowlers end: 2 runs
D Back net: 4 runs on the bounce, 6 runs on the full
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Rating: 4/5
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Publisher: Konami
Platforms: PlayStation 5, Xbox Series X/S, PC
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Houthis: Iran-backed rebels who occupy Sanaa and run unrecognised government
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Southern Transitional Council: Faction in Yemeni government that seeks autonomy for the south
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Vitamin D: Highly relevant in the UAE due to limited sun exposure; supports bone health, immunity and mood.
Vitamin B12: Important for nerve health and energy production, especially for vegetarians, vegans and individuals with absorption issues.
Iron: Useful only when deficiency or anaemia is confirmed; helps reduce fatigue and support immunity.
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Nigel Farage told Reform's annual conference that the party will proscribe the Muslim Brotherhood if he becomes Prime Minister.
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Our family matters legal consultant
Name: Hassan Mohsen Elhais
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Ziina users can donate to relief efforts in Beirut
Ziina users will be able to use the app to help relief efforts in Beirut, which has been left reeling after an August blast caused an estimated $15 billion in damage and left thousands homeless. Ziina has partnered with the United Nations High Commissioner for Refugees to raise money for the Lebanese capital, co-founder Faisal Toukan says. “As of October 1, the UNHCR has the first certified badge on Ziina and is automatically part of user's top friends' list during this campaign. Users can now donate any amount to the Beirut relief with two clicks. The money raised will go towards rebuilding houses for the families that were impacted by the explosion.”
