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Segment reporting (Tables)

9 Months Ended

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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