Latam
Revenue for our Latam segment increased by $9.8 million, or 23.2%, to $51.9 million for the third quarter of 2023, compared to $42.1 million for the third quarter of 2022. Revenue increased organically by $6.2 million, or 14.8%, driven primarily by an increase in growth from fiber and escalations. The increase in revenue was also driven by the non-core impact of positive movements in foreign exchange rates of $3.5 million, or 8.4%. Year-on-year, within our Latam segment, Tenants increased by 504, including 579 from New Sites and 190 from Colocation, partially offset by 269 Churned, while Lease Amendments increased by 78.
Segment Adjusted EBITDA for our Latam segment was $38.2 million for the third quarter of 2023, compared to $30.0 million for the third quarter of 2022, an increase of $8.2 million, or 27.2%. The increase in Segment Adjusted EBITDA primarily reflects the increase in revenue discussed above and a decrease in cost of sales of $1.5 million, of which $1.6 million is other costs. The increase in revenue and decrease in cost of sales is partially offset by an increase in administrative expenses of $3.1 million, of which $2.1 million is staff costs and $0.6 million is professional fees.
MENA
Revenue for our MENA segment increased by $1.2 million, or 13.3%, to $10.3 million for the third quarter of 2023, compared to $9.1 million for the third quarter of 2022. Revenue increased organically by $0.7 million, or 7.4% driven primarily by New Sites and escalations, and grew inorganically in the period by $0.5 million, or 5.6%. Year-on-year, within our MENA segment, Tenants increased by 162, including 58 from New Sites, and 109 from the closing of the sixth stage of the Kuwait Acquisition.
Segment Adjusted EBITDA for our MENA segment was $5.2 million for the third quarter of 2023, compared to $3.8 million for the third quarter of 2022, an increase of $1.3 million, or 34.7%. The increase in Segment Adjusted EBITDA primarily reflects the increase in revenue discussed above and a decrease in cost of sales of $0.1 million.
INVESTING ACTIVITIES
During the third quarter of 2023, capital expenditure (“Total Capex”) was $105.4 million, compared to $174.1 million for the third quarter of 2022. The decrease is primarily driven by lower capital expenditure for our Nigeria and SSA segments of $71.9 million and $21.7 million, respectively, partially offset by an increase in capital expenditure of $25.0 million for our Latam segment. The decrease in Nigeria was primarily driven by decreases of $30.4 million related to maintenance capital expenditure, $20.0 million related to Project Green and $13.4 million from New Site capital expenditure, $4.7 million of other capital expenditure and $4.1 million for purchase of land for new or existing sites, partially offset by an increase of $2.4 million in fiber capital expenditure. The decrease in SSA is primarily driven by decreases of $12.8 million related to refurbishment capital expenditure, $4.3 million from New Sites capital expenditure and $3.2 million in other capital expenditure. The increase in Latam is primarily driven by increases of $20.4 million related to New Sites capital expenditure, $2.7 million related to corporate capital expenditure and $1.7 million related to augmentation capital expenditure, partially offset by an increase of $1.9 million related to fiber capital expenditure. Our spending for Project Green was $8.3 million during the third quarter of 2023 and total spend since we began the project to September 30, 2023 was $187.1 million.
FINANCING ACTIVITIES AND LIQUIDITY
Below is a summary of key facilities we have entered into, repaid or amended during the third quarter of 2023. Approximate U.S. dollar equivalent values for non-USD denominated facilities stated below are translated from the currency of the debt at the relevant exchange rates on September 30, 2023.
IHS Holding (2020) Revolving Credit Facility
In July 2023, the available commitments were increased to $300.0 million pursuant to the facility increase clause contained within the IHS Holding RCF.
Nigeria (2023) Revolving Credit Facility
As of November 13, 2023, there are no amounts drawn and outstanding under the Nigeria 2023 RCF.