Income Statement Airtel Networks Zambia Plc

Stocks

ATEL

ZM0000000342

Wireless Telecommunications Services

End-of-day quote Lusaka S.E. 29/09/2026			5-day change	1st Jan Change
224.00 ^ZMW	+0.53%		0.00%	+62.64%

09-20	Airtel Networks Zambia Plc Reports Earnings Results for the Half Year Ended June 30, 2026	CI
06-15	Airtel Networks Zambia Plc Reports Earnings Results for the First Quarter Ended March 31, 2026	CI

c.YB_iII5Wm_43wGuyteLzxqb5W7sI38fUcwdA0d2XLYw.JXO6T-UC7JtGtlr3g6HCgNeWF4JJpfaBCWp0q5jWSedVT9Rn0T76x2-HIg

Published financial data: AIRTEL NETWORKS ZAMBIA PLC

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2021 (ZMW)	2022 (ZMW)	2023 (ZMW)	2024 (ZMW)	2025 (ZMW)
Revenues	3.58B	4.45B	5.64B	7.12B	8.87B
Other Revenues, Total	-	-	-	5.16M	1.95M
Total Revenues	3.58B	4.45B	5.64B	7.12B	8.87B
Cost of Goods Sold, Total	1.17B	1.21B	1.52B	1.91B	2.25B
Gross Profit	2.41B	3.24B	4.12B	5.21B	6.63B
Selling General & Admin Expenses, Total	356M	475M	603M	846M	1.05B
Provision for Bad Debts	-	3.37M	13.38M	3.37M	5.27M
Depreciation & Amortization - (IS)	507M	590M	767M	881M	1.11B
Other Operating Expenses	295M	376M	463M	843M	958M
Other Operating Expenses, Total	1.16B	1.45B	1.85B	2.57B	3.12B
Operating Income	1.25B	1.79B	2.28B	2.64B	3.5B
Interest Expense, Total	-222M	-278M	-429M	-547M	-823M
Interest And Investment Income	86K	429K	270K	1.26M	25.39M
Net Interest Expenses	-222M	-277M	-429M	-546M	-797M
Currency Exchange Gains (Loss)	71.84M	-55.18M	-76.41M	-138M	-92.84M
Other Non Operating Income (Expenses)	-	-	-	-3.57M	-2.84M
EBT, Excl. Unusual Items	1.1B	1.46B	1.77B	1.95B	2.61B
Gain (Loss) On Sale Of Assets	84K	95K	506K	638K	80.41M
EBT, Incl. Unusual Items	1.1B	1.46B	1.77B	1.95B	2.69B
Income Tax Expense	410M	539M	631M	698M	928M
Earnings From Continuing Operations	693M	921M	1.14B	1.25B	1.76B
Net Income to Company	693M	921M	1.14B	1.25B	1.76B
Net Income - (IS)	693M	921M	1.14B	1.25B	1.76B
Net Income to Common Incl Extra Items	693M	921M	1.14B	1.25B	1.76B
Net Income to Common Excl. Extra Items	693M	921M	1.14B	1.25B	1.76B
Per Share Items
Net EPS - Basic	6.67	8.86	10.95	12.04	16.95
Basic EPS - Continuing Operations	6.67	8.86	10.95	12.04	16.95
Basic Weighted Average Shares Outstanding	104M	104M	104M	104M	104M
Net EPS - Diluted	6.67	8.86	10.95	12.04	16.95
Diluted EPS - Continuing Operations	6.67	8.86	10.95	12.04	16.95
Diluted Weighted Average Shares Outstanding	104M	104M	104M	104M	104M
Normalized Basic EPS	6.63	8.78	10.64	11.71	15.69
Normalized Diluted EPS	6.63	8.78	10.64	11.71	15.69
Dividend Per Share	2.4	8.5	11.2	11.99	16.76
Payout Ratio	-	60.95	120.5	82.85	92.94
Supplemental Items
EBITDA	1.63B	2.23B	2.89B	3.35B	4.27B
EBITA	1.29B	1.84B	2.43B	2.8B	3.67B
EBIT	1.25B	1.79B	2.28B	2.64B	3.5B
EBITDAR	-	-	-	-	-
Total Revenues (As Reported)	3.58B	4.45B	5.72B	7.12B	8.95B
Effective Tax Rate - (Ratio)	37.15	36.9	35.65	35.78	34.49
Current Domestic Taxes	310M	416M	494M	622M	805M
Total Current Taxes	310M	416M	494M	622M	805M
Deferred Domestic Taxes	107M	131M	118M	75.66M	123M
Total Deferred Taxes	107M	131M	118M	75.66M	123M
Normalized Net Income	689M	913M	1.11B	1.22B	1.63B
Interest on Long-Term Debt	149M	120M	125M	123M	411M
Supplemental Operating Expense Items
Selling and Marketing Expenses	356M	475M	603M	846M	1.05B
General and Administrative Expenses	-	-	-	-	-
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., COGS (Total)	-	-	-	-	6.91M
Total Stock-Based Compensation	-	-	-	-	6.91M

Fiscal Period: December	2021 (ZMW)	2022 (ZMW)	2023 (ZMW)	2024 (ZMW)	2025 (ZMW)
Assets
Cash And Equivalents	41.51M	116M	81.19M	145M	105M
Total Cash And Short Term Investments	41.51M	116M	81.19M	145M	105M
Accounts Receivable, Total	193M	289M	461M	464M	681M
Other Receivables	83K	5.9M	1.36M	10.72M	-
Notes Receivable	-	-	-	-	105M
Total Receivables	193M	294M	462M	474M	786M
Inventory	4.18M	5.3M	34.62M	21.58M	4.42M
Prepaid Expenses	87.63M	260M	170M	220M	146M
Other Current Assets, Total	63.49M	115M	223M	160M	530M
Total Current Assets	390M	792M	971M	1.02B	1.57B
Gross Property Plant And Equipment	6.56B	7.58B	8.61B	8.42B	11.43B
Accumulated Depreciation	-3.99B	-4.53B	-5.08B	-4.7B	-5.05B
Net Property Plant And Equipment	2.57B	3.05B	3.54B	3.72B	6.38B
Other Intangibles, Total	240M	649M	726M	563M	497M
Loans Receivable Long-Term	-	-	-	-	150M
Deferred Tax Assets Long-Term	18.87M	-	-	-	-
Deferred Charges Long-Term	20.7M	21.84M	51.61M	52.97M	47.78M
Other Long-Term Assets, Total	163M	129M	217M	286M	308M
Total Assets	3.4B	4.64B	5.5B	5.64B	8.95B
Liabilities
Accounts Payable, Total	773M	705M	744M	876M	833M
Accrued Expenses, Total	146M	160M	235M	379M	339M
Short-term Borrowings	241M	764M	880M	857M	508M
Current Portion of Long-Term Debt	205M	330M	403M	1B	778M
Current Portion of Leases	225M	285M	421M	403M	124M
Current Income Taxes Payable	159M	137M	179M	185M	47.25M
Unearned Revenue Current, Total	118M	135M	142M	146M	150M
Other Current Liabilities	39.24M	636K	-	42.13M	250M
Total Current Liabilities	1.91B	2.52B	3B	3.89B	3.03B
Long-Term Debt	329M	500M	1.06B	329M	1.72B
Long-Term Leases	843M	832M	766M	537M	2.97B
Unearned Revenue Non Current	6.56M	6M	5.44M	4.88M	4.32M
Deferred Tax Liability Non Current	-	112M	230M	305M	428M
Other Non Current Liabilities	-	-	-	5.15M	15.95M
Total Liabilities	3.08B	3.97B	5.06B	5.07B	8.18B
Common Stock, Total	1.04M	1.04M	1.04M	1.04M	1.04M
Additional Paid In Capital	24.96M	24.96M	24.96M	24.96M	24.96M
Retained Earnings	287M	647M	414M	538M	753M
Total Common Equity	313M	673M	440M	564M	779M
Total Equity	313M	673M	440M	564M	779M
Total Liabilities And Equity	3.4B	4.64B	5.5B	5.64B	8.95B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	104M	104M	104M	104M	104M
ECS Total Common Shares Outstanding	104M	104M	104M	104M	104M
Book Value / Share	3.01	6.47	4.23	5.42	7.49
Tangible Book Value	73.32M	24.51M	-286M	1.15M	282M
Tangible Book Value Per Share	0.71	0.24	-2.75	0.01	2.71
Total Debt	1.84B	2.71B	3.53B	3.13B	6.11B
Net Debt	1.8B	2.6B	3.45B	2.99B	6B
Debt Equivalent Oper. Leases	-	-	-	-	-
Account Code - Inventory Valuation	5	5	5	5	5
Inventories - Finished Goods, Total	18.38M	15.14M	42.44M	28.1M	18.92M
Buildings, Total	115M	115M	115M	115M	115M
Machinery, Total	5.17B	5.8B	6.77B	7.31B	7.72B
Full Time Employees	201	579	-	700	937
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-
Accumulated Allowance for Doubtful Accounts (Supple)	86.3M	90.87M	105M	108M	111M

Fiscal Period: December	2021 (ZMW)	2022 (ZMW)	2023 (ZMW)	2024 (ZMW)	2025 (ZMW)
Net Income	693M	921M	1.14B	1.25B	1.76B
Depreciation & Amortization - CF	472M	541M	610M	718M	914M
Amortization of Goodwill and Intangible Assets - (CF)	34.14M	49.65M	156M	163M	162M
Depreciation & Amortization, Total	507M	590M	767M	881M	1.08B
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	28.7M
(Gain) Loss From Sale Of Asset	-84K	-95K	-506K	-638K	-82.36M
Provision and Write-off of Bad Debts	3.32M	3.37M	13.38M	3.37M	5.27M
Other Operating Activities, Total	331M	441M	667M	770M	461M
Change In Accounts Receivable	141M	-101M	-77.42M	-23.01M	-188M
Change In Inventories	-407K	-1.12M	-29.32M	-	17.16M
Change In Accounts Payable	-122M	-55.38M	9.94M	261M	38.52M
Change in Other Net Operating Assets	-277M	-197M	-119M	-84.24M	-525M
Cash from Operations	1.28B	1.6B	2.37B	3.06B	2.6B
Capital Expenditure	-556M	-711M	-1.04B	-786M	-780M
Sale of Property, Plant, and Equipment	40.47M	1.68M	506K	101K	10K
Sale (Purchase) of Intangible assets	-192M	-458M	-233M	-	-62M
Other Investing Activities, Total	86K	429K	270K	1.26M	25.39M
Cash from Investing	-708M	-1.17B	-1.28B	-785M	-817M
Short Term Debt Issued, Total	-	-	-	-	-
Long-Term Debt Issued, Total	240M	710M	990M	470M	2.66B
Total Debt Issued	240M	710M	990M	470M	2.66B
Short Term Debt Repaid, Total	-	-	-	-	-
Long-Term Debt Repaid, Total	-665M	-761M	-695M	-1.02B	-1.69B
Total Debt Repaid	-665M	-761M	-695M	-1.02B	-1.69B
Common Dividends Paid	-	-562M	-1.37B	-1.04B	-1.64B
Common & Preferred Stock Dividends Paid	-	-562M	-1.37B	-1.04B	-1.64B
Other Financing Activities, Total	-222M	-278M	-429M	-551M	-804M
Cash from Financing	-647M	-890M	-1.51B	-2.14B	-1.47B
Foreign Exchange Rate Adjustments	1.45M	7.15M	263M	-49.42M	-288K
Net Change in Cash	-78.1M	-448M	-150M	86.24M	310M
Supplemental Items
Cash Interest Paid	222M	278M	429M	551M	804M
Cash Income Tax Paid (Refund)	227M	430M	470M	615M	938M
Levered Free Cash Flow	508M	-55.51M	591M	1.74B	1.35B
Unlevered Free Cash Flow	647M	118M	859M	2.09B	1.86B
Change In Net Working Capital	-105M	423M	52.88M	-343M	600M
Net Debt Issued / Repaid	-425M	-50.76M	295M	-551M	974M

Fiscal Period: December	2021 (ZMW)	2022 (ZMW)	2023 (ZMW)	2024 (ZMW)	2025 (ZMW)
Profitability
Return on Assets	22.99	27.87	28.03	29.58	30.02
Return on Total Capital	36.2	40.43	38.67	43	41.4
Return On Equity %	-2.09K	186.77	204.7	249.37	262.59
Return on Common Equity	-2.09K	186.77	204.7	249.37	262.59
Margin Analysis
Gross Profit Margin %	67.32	72.75	73.06	73.14	74.68
SG&A Margin	9.93	10.67	10.69	11.88	11.87
EBITDA Margin %	45.51	50.22	51.29	46.99	48.16
EBITA Margin %	35.97	41.39	43.11	39.3	41.32
EBIT Margin %	35.01	40.28	40.34	37.02	39.49
Income From Continuing Operations Margin %	19.36	20.71	20.2	17.57	19.87
Net Income Margin %	19.36	20.71	20.2	17.57	19.87
Net Avail. For Common Margin %	19.36	20.71	20.2	17.57	19.87
Normalized Net Income Margin	19.25	20.51	19.61	17.1	18.39
Levered Free Cash Flow Margin	14.19	-1.25	10.47	24.47	15.17
Unlevered Free Cash Flow Margin	18.07	2.65	15.23	29.27	20.96
Asset Turnover
Asset Turnover	1.05	1.11	1.11	1.28	1.22
Fixed Assets Turnover	1.41	1.58	1.71	1.96	1.76
Receivables Turnover (Average Receivables)	15.08	18.47	14.95	15.43	15.36
Inventory Turnover (Average Inventory)	294.02	255.69	76.12	68.08	172.89
Short Term Liquidity
Current Ratio	0.2	0.31	0.32	0.26	0.52
Quick Ratio	0.12	0.16	0.18	0.16	0.26
Operating Cash Flow to Current Liabilities	0.67	0.64	0.79	0.79	0.86
Days Sales Outstanding (Average Receivables)	24.2	19.76	24.42	23.72	23.77
Days Outstanding Inventory (Average Inventory)	1.24	1.43	4.8	5.38	2.11
Average Days Payable Outstanding	265.08	222.1	170.76	152.86	136.71
Cash Conversion Cycle (Average Days)	-239.64	-200.92	-141.55	-123.77	-110.83
Long Term Solvency
Total Debt/Equity	588.08	402.68	802.59	554.84	784.25
Total Debt / Total Capital	85.47	80.11	88.92	84.73	88.69
LT Debt/Equity	373.73	197.87	415.19	153.51	603.24
Long-Term Debt / Total Capital	54.31	39.36	46	23.44	68.22
Total Liabilities / Total Assets	90.78	85.49	92.01	89.99	91.3
EBIT / Interest Expense	5.63	6.46	5.3	4.82	4.26
EBITDA / Interest Expense	7.91	8.59	7.09	6.43	5.57
(EBITDA - Capex) / Interest Expense	5.41	6.02	4.66	4.99	4.62
Total Debt / EBITDA	1.05	1.14	1.16	0.89	1.33
Net Debt / EBITDA	1.02	1.09	1.13	0.85	1.31
Total Debt / (EBITDA - Capex)	1.53	1.62	1.77	1.15	1.61
Net Debt / (EBITDA - Capex)	1.5	1.55	1.73	1.09	1.58
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	37.8	24.3	26.73	24.62	24.59
Gross Profit, 1 Yr. Growth %	47.83	34.32	27.27	24.16	27.21
EBITDA, 1 Yr. Growth %	61.42	37.17	29.43	15.69	27.7
EBITA, 1 Yr. Growth %	78.88	43.06	31.99	15.11	31.01
EBIT, 1 Yr. Growth %	74.25	42.99	26.92	15.88	32.93
Earnings From Cont. Operations, 1 Yr. Growth %	-303.58	32.91	23.63	9.87	40.87
Net Income, 1 Yr. Growth %	-303.58	32.91	23.63	9.87	40.87
Normalized Net Income, 1 Yr. Growth %	-521.44	32.39	21.21	10.09	34.01
Diluted EPS Before Extra, 1 Yr. Growth %	-303.58	32.91	23.63	9.87	40.87
Accounts Receivable, 1 Yr. Growth %	-31.34	49.29	57.14	1.03	43.57
Inventory, 1 Yr. Growth %	10.78	26.8	552.79	-37.69	-79.52
Net Property, Plant and Equip., 1 Yr. Growth %	2.46	18.87	16.04	4.99	71.7
Total Assets, 1 Yr. Growth %	-0.54	36.57	18.6	2.43	58.82
Tangible Book Value, 1 Yr. Growth %	-115.88	-66.57	-1.27K	-100.4	24.46K
Common Equity, 1 Yr. Growth %	-182.52	114.81	-34.69	28.28	38.07
Cash From Operations, 1 Yr. Growth %	-10.56	25.62	47.89	29.13	-15.15
Capital Expenditures, 1 Yr. Growth %	-9.64	27.97	46.78	-24.69	-0.74
Levered Free Cash Flow, 1 Yr. Growth %	16.5	-110.93	-1.16K	194.15	-22.79
Unlevered Free Cash Flow, 1 Yr. Growth %	13.69	-81.77	628.22	142.78	-10.79
Dividend Per Share, 1 Yr. Growth %	-	254.17	31.76	7.05	39.78
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	28.92	30.87	25.51	26.51	24.6
Gross Profit, 2 Yr. CAGR %	31.35	40.91	30.74	26.85	25.67
EBITDA, 2 Yr. CAGR %	31.85	48.8	33.25	22.37	21.55
EBITA, 2 Yr. CAGR %	39.43	59.97	37.41	23.26	22.81
EBIT, 2 Yr. CAGR %	37.62	57.85	34.72	21.27	24.11
Earnings From Cont. Operations, 2 Yr. CAGR %	563.61	64.49	28.19	16.55	24.41
Net Income, 2 Yr. CAGR %	563.61	64.49	28.19	16.55	24.41
Normalized Net Income, 2 Yr. CAGR %	129.71	136.21	26.68	15.52	21.46
Diluted EPS Before Extra, 2 Yr. CAGR %	563.61	64.49	28.19	16.55	24.41
Accounts Receivable, 2 Yr. CAGR %	-7.79	1.24	54.46	25.7	21.82
Inventory, 2 Yr. CAGR %	11.26	18.52	187.7	101.68	-64.28
Net Property, Plant and Equip., 2 Yr. CAGR %	9.15	10.36	17.44	10.38	34.26
Total Assets, 2 Yr. CAGR %	12.07	16.55	27.27	10.22	27.55
Tangible Book Value, 2 Yr. CAGR %	31.4	-76.96	97.41	-78.37	-0.71
Common Equity, 2 Yr. CAGR %	182.46	33.14	18.45	-8.47	33.08
Cash From Operations, 2 Yr. CAGR %	33.48	6	36.3	38.19	4.68
Capital Expenditures, 2 Yr. CAGR %	8.7	7.54	37.05	5.14	-13.54
Levered Free Cash Flow, 2 Yr. CAGR %	93.79	-64.32	7.83	460.39	50.7
Unlevered Free Cash Flow, 2 Yr. CAGR %	60.86	-54.48	15.21	320.48	47.17
Dividend Per Share, 2 Yr. CAGR %	-	-	116.02	18.77	22.33
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	22.28	27.36	29.48	25.77	25.86
Gross Profit, 3 Yr. CAGR %	10.25	32.33	36.21	29.29	26.97
EBITDA, 3 Yr. CAGR %	24.48	33.6	42.04	27.12	24.12
EBITA, 3 Yr. CAGR %	30.45	40.63	50.04	29.54	25.79
EBIT, 3 Yr. CAGR %	29.32	39.39	46.78	28.12	25.04
Earnings From Cont. Operations, 3 Yr. CAGR %	120.28	288.27	49.56	21.77	24.15
Net Income, 3 Yr. CAGR %	120.28	288.27	49.56	21.77	24.15
Normalized Net Income, 3 Yr. CAGR %	68.52	91.16	89.11	20.89	21.38
Diluted EPS Before Extra, 3 Yr. CAGR %	120.28	288.27	49.56	21.77	24.15
Accounts Receivable, 3 Yr. CAGR %	-7.97	8.27	17.88	33.87	32.4
Inventory, 3 Yr. CAGR %	83.68	16.22	109.31	72.78	-5.91
Net Property, Plant and Equip., 3 Yr. CAGR %	10.65	12.3	12.22	13.14	27.89
Total Assets, 3 Yr. CAGR %	12.76	19.7	17.23	18.38	24.49
Tangible Book Value, 3 Yr. CAGR %	68.15	-16.74	-14.79	-74.99	125.66
Common Equity, 3 Yr. CAGR %	198.53	157.82	5	21.64	4.97
Cash From Operations, 3 Yr. CAGR %	12.86	30.81	18.44	33.87	17.46
Capital Expenditures, 3 Yr. CAGR %	1.27	14.78	19.29	12.26	3.14
Levered Free Cash Flow, 3 Yr. CAGR %	33.71	-25.69	10.65	50.83	189.43
Unlevered Free Cash Flow, 3 Yr. CAGR %	32.13	-22.16	14.7	47.7	150.79
Dividend Per Share, 3 Yr. CAGR %	-	-	-	70.95	25.4
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	9.28	15.18	23.56	27.02	27.84
Gross Profit, 5 Yr. CAGR %	2.94	9.41	18.03	30.11	32.37
EBITDA, 5 Yr. CAGR %	16.08	17.85	27.92	28.99	33.46
EBITA, 5 Yr. CAGR %	31.76	25.89	33.19	33.41	38.49
EBIT, 5 Yr. CAGR %	31.09	25.46	31.46	31.84	37.26
Earnings From Cont. Operations, 5 Yr. CAGR %	24.77	20.42	77.39	139.93	38.94
Net Income, 5 Yr. CAGR %	24.77	20.42	77.39	139.93	38.94
Normalized Net Income, 5 Yr. CAGR %	22.26	26.29	50.34	56.28	58.42
Diluted EPS Before Extra, 5 Yr. CAGR %	24.77	20.42	77.39	139.93	38.94
Accounts Receivable, 5 Yr. CAGR %	1.31	13.78	13.21	15.32	19.33
Inventory, 5 Yr. CAGR %	-34.45	23.64	119.79	44.89	3.19
Net Property, Plant and Equip., 5 Yr. CAGR %	6.06	12.24	13.32	11.53	20.57
Total Assets, 5 Yr. CAGR %	6.12	15.74	18.35	15.81	21.25
Tangible Book Value, 5 Yr. CAGR %	-32.2	-41.51	79.29	-51.44	-9.42
Common Equity, 5 Yr. CAGR %	-9.5	7.72	106.25	70.38	15.44
Cash From Operations, 5 Yr. CAGR %	9.89	25.23	21.71	33.71	12.73
Capital Expenditures, 5 Yr. CAGR %	14.38	27.93	14.3	10.82	4.88
Levered Free Cash Flow, 5 Yr. CAGR %	-3.5	-21.96	22.68	66.73	25.28
Unlevered Free Cash Flow, 5 Yr. CAGR %	3.82	-13.75	25.08	52.83	26.73
Dividend Per Share, 5 Yr. CAGR %	-9.71	16.27	-	-	-