Leading telecommunications service provider in the country, Airtel Malawi has on Friday announced that it will revise its audited Financial Statements for the year ending 31st December 2023, along with its dividend recommendation of MWK 0.977 per share.
Airtel Malawi Plc disclosed that it will revise the Financial Statements for the year ended 31st December 2023 and restate the Financial Statements for the year ended 31st December 2022.
According to Airtel Malawi Company Secretary, Hlupekire Chalamba, the decision has been made in consultation with the Company’s statutory auditors and comes from a re-assessment of the accounting treatment for certain US Dollar indexed tower lease contracts recorded on its balance sheet.
The revision is expected to result in a negative retained earnings position on the balance sheet as of 31st December 2023.
Chalamba further said the decision to revise the Financial Statements underscores the company’s commitment to transparency and adherence to regulatory standards.
“We are dedicated to ensuring that our financial reporting accurately reflects the Company’s position and complies with all applicable laws and regulations. The revision of the Financial Statements does not impact the Company’s strategy, operating strength, and resilience. Airtel Malawi Plc continues to focus on network investment, customer and revenue growth, containing costs, and diversifying currency sourcing to mitigate exposure to foreign exchange volatility,” Chalamba stated.
The Company has reassured its stakeholders of its continued commitment to good governance and strong ethical standards, principles which are deemed the cornerstone of its business success.
Airtel Malawi Plc will provide further updates as more information becomes available and as the revised Financial Statements are prepared and published.
