Bharti Airtel’s subsidiary Airtel Africa will become part of the FTSE 100 index, the UK’s leading stock market gauge, from January 31, the company said in a press statement on January 27.
“This is a significant milestone for Airtel Africa, which becomes part of the FTSE 100 in just two and a half years of listing on the London Stock Exchange joining the most valuable companies,” Bharti chairman Sunil Bharti Mittal said.
Airtel Africa listed on the London Stock Exchange in June 2019. The company commands a market capitalisation of close to $8 billion.
Bharti Airtel said that the inclusion in the FTSE 100 index was the mark of the growing confidence of investors in the business.
“Airtel entered Africa in 2010 and the business has demonstrated consistent growth in its customer base, revenues, profits, margins, and cash generation, as well as strengthening its balance sheet through reduced leverage,” Bharti Airtel said.
Airtel Africa serves around 122 million subscribers across the continent. In the six-month period ended September 30, Airtel Africa’s revenue grew 25.2 percent to $2.3 billion while its net profit doubled to $335 million.
“Airtel Africa is a strong player in the African continent, which has emerged as the next growth frontier globally,” Mittal said.At 2.56 pm, Bharti Airtel was trading 0.4 percent down at Rs 709.95 on the National Stock Exchange.