Airtel Malawi plc has announced its intention to revise its Financial Statements for the year ending 31st December 2023 together with its dividend recommendation of MWK0.977 per share.
According to a company notice, an Annual General Meeting on Friday at BICC in Lilongwe has been subsequently adjourned and the Board of Directors has agreed to withdraw its audited 2023 Financial Statements and its dividend recommendation.
It is reported that the decision was made in consultation with the company’s statutory auditors, as a result of a re-assessment of the accounting treatment for certain US$-indexed tower lease contracts recorded on its balance sheet.
The company says the impact of this revision is expected to result in a negative retained earnings position on the balance sheet as of 31st December 2023 and says it anticipates revenue growth.
“These principles are the cornerstone of any successful business. The revision of the Financial Statements does not impact the Company’s strategy, operating strength, and resilience. It continues to focus on network investment, customer and revenue growth, containing cost and diversifying currency sourcing to mitigate exposure to foreign exchange volatility,” reads part of the notice.
The Company says it will soon publish the revised Financial Statements to be determined and it has committed to taking necessary steps to comply with all applicable laws and regulations as it subscribes to the principles of good governance and strong ethical standards.
