Sunday, November 21, 2021

MTN Group sees continued growth in Nigeria, Ghana, South Africa

 Citing strong growth momentum in major markets Nigeria, Ghana and South Africa, South Africa based MTN Group reported that its service revenue ramped up 19.1% to R125 billion in the first nine months of the year. Data and fintech service revenue increased by 34.5% and 35.0% respectively. Earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 24.1%, with margins expanding 2.1 percentage points to 45.0% on a constancy-currency basis.

At period-end, the group subscriber base was 272m.

The company also noted progress in finalising a passive infrastructure deal for MTN South Africa. MTN is seeking to sell and then lease back its towers.

MTN now has 51 million Mobile Money customers in 16 markets, and it is processing almost 20 000 transactions a minute, with the value of transactions up 67.2% year-on-year to US$175.5bn.

MTN plans for a public offer of shares in MTN Nigeria. It has also exited the telecoms market in Yemen.

“It’s been a busy quarter, and I’m particularly pleased with the sustained operational momentum across our businesses,” said MTN Group President and Chief Executive Officer Ralph Mupita.

“Material progress was made in accelerating the deleveraging of the holding company balance sheet, and our asset realisation programme and portfolio optimisation priorities are progressing well. The process of structurally separating our fintech and fibre assets remains on track.”