IHS Holding Ltd Reports Q2 Loss of $121.1 Million

Company Cites Non-Cash Impairment Charge Related to Russia Exit

LONDON, July 26, 2022 (GLOBE NEWSWIRE) -- IHS Holding Limited (IHS) on Tuesday reported a loss of $121.1 million in its second quarter, largely due to a non-cash impairment charge related to the company's exit from Russia.

The impairment charge totaled $143.9 million and was related to the company's decision to exit Russia following the country's invasion of Ukraine. The charge was partially offset by gains from the sale of other assets.

Excluding the impairment charge, IHS reported a profit of $22.8 million in Q2, an increase from the $4.1 million profit reported in the same period last year. The company attributed the improvement to increased activity in its core businesses.

IHS is a leading provider of information, analytics, and insights to businesses around the world. The company operates in four segments: Energy, Chemical, Technology, and Maritime.