IHS Towers’ $147M Q3 profit driven by naira gains, masking MTN churn
- IHS Towers reported a profit of $147.4 million for the third quarter, reversing a loss from the previous year.
- The profit was primarily driven by a $353.6 million favorable swing in net finance costs due to the appreciation of the Nigerian naira.
- Organic revenue grew 8.3% to $455.1 million, aided by new tenants and lease amendments.
While IHS Towers has shown a remarkable profit turnaround, the reliance on currency fluctuations and the churn from a major client raises concerns about the sustainability of this growth. The company's strategic moves into 5G and partnerships could provide new avenues for revenue, but the underlying risks associated with currency volatility cannot be overlooked.
