Independent telecommunications infrastructure company Helios Towers on Thursday posted double-digit increases across earnings before interest, taxes, depreciation and amortisation (Ebitda), operating profit and revenue for the six months ended June 30, 2023.

During the six months under review, the group’s adjusted Ebitda increased by 28% to $173.8-million, driven by tenancy growth, while the adjusted Ebitda margin decreased one percentage point to 50%, reflecting an increase in both power-linked revenues and power operating expenses, owing to higher fuel prices.

“I am delighted with the company’s performance in the first half of the year, which included delivering record organic tenancies and continuing improvements in customer delivery. The team also continues to make solid progress on our 2023 goals of acquisition integration, tenancy ratio expansion, accelerating adjusted Ebitda growth and reducing net leverage,” said Helios Towers CEO Tom Greenwood.

“Accordingly, we have tightened our full-year 2023 guidance to the top end of our previously announced range and we remain committed to delivering sustainable value for all our stakeholders.”

Helios Towers’ operating profit increased 74% year-on-year to a record $69.3-million, largely driven by adjusted Ebitda growth, while cash generated from operations increased by 62% to a record $147.6-million, also supported by higher adjusted Ebitda and movements in working capital.

During the first half of 2023, revenue increased 32% to $350.2-million owing to strong organic tenancy growth across the group, acquisitions in Malawi and Oman and contractual escalators.

Helios Towers increased its sites by 3 176, of which 2 519 were acquired in Oman, to 13 870 sites, while tenancies increased by 5 334 – 2 317 organic tenancies and 3 017 acquired tenancies in Oman – to 25 883.

Meanwhile, the group has tightened upwards its guidance on all metrics, reflecting strong performance in the first half of 2023 and a robust commercial pipeline.

Helios Towers is targeting tenancy additions of 1 900 to 2 100, of which 40% are anticipated to be new sites, up from the previously guided 1 600 to 2 100.

Adjusted Ebitda is guided at between $355-million and $365-million, an increase on the $350-million to $365-million previously targeted.