• Friday, April 12, 2024
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BusinessDay

Airtel recaptures crown as most valuable firm in Nigeria

Airtel Nigeria partners smartphone brands to drive 5G connectivity

More than six months after losing its crown as the most valuable company on the Nigerian stock market, Airtel Africa Plc regained it on Tuesday as it emerged the biggest riser at the end of trading.

Read also: MTN Nigeria dethrones Airtel as most valuable company

With its market capitalisation surging by N530 billion to N5.79 trillion, the telecommunication company dethroned Dangote Cement Plc from the top spot. Africa’s biggest cement producer has a valuation of N5.59 trillion, with its share price closing at N328.

Airtel Africa saw its share price jump by 10 percent to N1,540, standing out as the top gainer.

The company reported on Monday a loss after tax of $13 million for the half year ended Sept. 30, 2023, which it said was “driven largely by a foreign exchange loss of $471 million recorded in finance cost before tax and $317 million after tax because of the devaluation of the Nigerian naira in June 2023”.

Read also: Airtel Nigeria taps MediaTek to deliver affordable 5G services

MTN Nigeria Communications Plc is the third-most valuable company with a market value of N5.16 trillion and a share price of N246.

BusinessDay reported on April 11 that MTN Nigeria overtook Airtel Africa as the most valuable company as the latter’s market cap fell to N4.50 trillion, compared to the former’s N4.86 trillion. Dangote Cement came in second then with a valuation of N4.60 trillion.