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Segment reporting (Tables) | 9 Months Ended
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Sep. 30, 2024
Segment reporting |
Schedule of summarized financial information | Summarized financial information is as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nigeria |  | SSA |  | Latam |  | MENA |  | Total
​ |  | $’000 |  | $’000 |  | $’000 |  | $’000 |  | $’000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three months ended September 30, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues from external customers | ​ | 242,290 | ​ | 120,139 | ​ | 45,148 | ​ | 12,705 | ​ | 420,282
Segment Adjusted EBITDA | ​ | 158,900 | ​ | 81,046 | ​ | 33,798 | ​ | 8,014 | ​ | 281,758
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three months ended September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues from external customers | ​ | 271,394 | ​ | 133,481 | ​ | 51,883 | ​ | 10,265 | ​ | 467,023
Segment Adjusted EBITDA* | ​ | 164,152 | ​ | 66,285 | ​ | 38,163 | ​ | 5,155 | ​ | 273,755
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine months ended September 30, 2024 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues from external customers | ​ | 739,596 | ​ | 359,669 | ​ | 139,385 | ​ | 34,753 | ​ | 1,273,403
Segment Adjusted EBITDA | ​ | 433,160 | ​ | 227,154 | ​ | 100,922 | ​ | 20,253 | ​ | 781,489
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Nine months ended September 30, 2023 | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Revenues from external customers | ​ | 1,060,964 | ​ | 379,034 | ​ | 145,876 | ​ | 29,881 | ​ | 1,615,755
Segment Adjusted EBITDA* | ​ | 655,476 | ​ | 194,701 | ​ | 104,665 | ​ | 14,205 | ​ | 969,047
Schedule of reconciliation of information on reportable segments to the amounts reported in the financial statements | Reconciliation of information on reportable segments to the amounts reported in the financial statements:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended
​ | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | September 30,
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023
​ | ​ | $’000 | ​ | $’000 | ​ | $’000 | ​ | $’000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment Adjusted EBITDA* | ​ | 281,758 | ​ | 273,755 | ​ | 781,489 | ​ | 969,047
Finance costs (note 9)* | ​ | (350,825) | ​ | (271,595) | ​ | (2,163,157) | ​ | (1,816,864)
Depreciation and amortization (note 6 and 7) | ​ | (91,308) | ​ | (104,931) | ​ | (266,040) | ​ | (340,381)
Impairment of withholding tax receivables (note 7) | ​ | (21,855) | ​ | (10,508) | ​ | (32,827) | ​ | (35,112)
Impairment of property, plant and equipment, intangible assets excluding goodwill and related prepaid land rent (note 6) | ​ | (4,132) | ​ | (103,429) | ​ | (10,075) | ​ | (108,510)
Share‑based payment expense (note 7) | ​ | (1,813) | ​ | (2,654) | ​ | (9,879) | ​ | (9,571)
Other costs(b) | ​ | (1,783) | ​ | (3,211) | ​ | (8,175) | ​ | (8,059)
Business combination costs (note 7) | ​ | (578) | ​ | (161) | ​ | (958) | ​ | (1,647)
Impairment of goodwill (note 7) | ​ | — | ​ | — | ​ | (87,894) | ​ | —
Impairment of assets held for sale (note 6) | ​ | — | ​ | — | ​ | (2,853) | ​ | —
Impairment of other fixed assets (note 7) | ​ | — | ​ | — | ​ | (31) | ​ | —
Insurance claims | ​ | 11 | ​ | 32 | ​ | 51 | ​ | 310
Net gain on disposal of property, plant and equipment (note 7) | ​ | 1,270 | ​ | 386 | ​ | 3,562 | ​ | 952
Finance income (note 8) | ​ | 25,732 | ​ | 5,823 | ​ | 49,696 | ​ | 18,233
Other non-operating income | ​ | — | ​ | 1 | ​ | — | ​ | 59
Unallocated corporate expenses(a) | ​ | (35,783) | ​ | (35,653) | ​ | (99,507) | ​ | (110,694)
Loss before income tax* | ​ | (199,306) | ​ | (252,145) | ​ | (1,846,598) | ​ | (1,442,237)
*Revised comparative periods to reflect an adjustment related to the accounting treatment of foreign exchange on goods in transit in Nigeria (see note 21).
(a) | Unallocated corporate expenses primarily consist of costs associated with centralized Group functions including Group executive, legal, finance, tax and treasury services.
(b) | Other costs for the three months ended September 30, 2024, included one-off consulting fees related to corporate structures and operating systems of $0.7 million (three months ended September 30, 2023: $1.7 million) and $5.2 million for the nine months ended September 30, 2024 (nine months ended September 30, 2023: $4.5 million); costs related to internal reorganization for the three months ended September 30, 2024, of $0.9 million (three months ended September 30, 2023: $0.6 million) and $2.7 million for the nine months ended September 30, 2024 (nine months ended September 30, 2023: $0.7 million); other one-off consulting services for the three months ended September 30, 2024, of $Nil (three months ended September 30, 2023: $0.7 million) and $Nil for the nine months ended September 30, 2024 (nine months ended September 30, 2023: $1.7 million); one-off professional fees related to financing for the three months ended September 30, 2024, of $0.1 million (three months ended September 30, 2023: $Nil) and $0.2 million for the nine months ended September 30, 2024 (nine months ended September 30, 2023: $0.2 million).
Schedule of segment assets, liabilities and additions | Summarized segment assets and liabilities are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Nigeria |  | SSA |  | Latam |  | MENA
​ |  | $’000 |  | $’000 |  | $’000 |  | $’000
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
September 30, 2024 | ​ | 864,285 | ​ | 1,404,708 | ​ | 1,950,563 | ​ | 176,097
September 30, 2023* | ​ | 1,626,256 | ​ | 1,401,864 | ​ | 2,137,361 | ​ | 185,536
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Segment liabilities | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
September 30, 2024 | ​ | 337,821 | ​ | 918,208 | ​ | 774,138 | ​ | 101,060
September 30, 2023* | ​ | 957,814 | ​ | 819,213 | ​ | 728,975 | ​ | 113,263
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Additions of property, plant and equipment, right of use assets and intangible assets: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Three months ended September 30, 2024 | ​ | 19,389 | ​ | 34,226 | ​ | 42,797 | ​ | 2,443
Three months ended September 30, 2023 | ​ | 51,631 | ​ | 28,005 | ​ | 82,060 | ​ | 6,227
Nine months ended September 30, 2024 | ​ | 69,804 | ​ | 72,812 | ​ | 130,240 | ​ | 4,939
Nine months ended September 30, 2023 | ​ | 253,146 | ​ | 81,158 | ​ | 172,867 | ​ | 15,039
*Revised to reflect an adjustment related to the accounting treatment of foreign exchange on goods in transit in Nigeria (see note 21).
Schedule of revenue from tier one customers | Revenue from two tier one customers represents more than 10% of the Group’s total revenue as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​ | Nine months ended | ​
​ | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | September 30, |
​ |  | 2024 |  | 2023 |  | 2024 |  | 2023 |
​ | ​ | ​ | ​ | ​ | ​ | $’000 | ​ | $’000 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Customer A | ​ | 62 | % | 63 | % | 61 | % | 60 | %
Customer B | ​ | 14 | % | 14 | % | 15 | % | 16 | %
​

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