* Along with the restatement of the financial statements for the year ended December 31, 2022
* The decision was made in consultation with its statutory auditors
By Duncan Mlanjira
Airtel Malawi Plc’s 25th annual general meeting (AGM), which was to be held today, May 31, was convened but subsequently adjourned to a later date as the Board of Directors considered it necessary to withdraw its audited financial statements for the year ending December 31, 2023 together with its dividend recommendation of MWK0.977 per share.
Advertisement
Earlier in the day, Airtel Malawi Board had announced its intention to revise its financial statements for the year ended December 31, 2023 along with the restatement of the financial statements for the year ended December 31, 2022.
A statement signed by Hlupekire Chalamba on behalf of the Board, says the “decision was made in consultation with its 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 impact of this revision is expected to result in a negative retained earnings position on the balance sheet as of 31st December 2023. The Company will publish the revised Financial Statements at a later date to be determined.”
Advertisement
The statement further says Airtel Malawi Plc “will continue to take the necessary steps to comply with all applicable laws and regulations as the Company subscribes to the principles of good governance and strong ethical standards”.
“These principles are the cornerstone of any successful business,” says the statement. “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.”
Advertisement