MTN Group, Africa’s greatest telecommunications operator, swung to a half-year loss on Monday, weighed down by devaluation of the Nigerian naira and operational challenges in Sudan.
The operator, with 288 million prospects throughout 18 markets in Africa, reported a headline lack of R2.56/share within the six-month interval ended 30 June, in contrast with restated headline earnings from a yr earlier at R2.60/share.
“Though the underlying business momentum and technique execution have been strong within the interval, macro headwinds impacted working outcomes,” group CEO Ralph Mupita mentioned in an announcement.
“The additional devaluation within the naira in opposition to the US greenback, the interpretation influence on reporting foreign money (rands) of the naira and the continued battle in Sudan had essentially the most important influence on reported outcomes.”
MTN’s reported group service income slumped 20.8% to R85.3-billion from R107.7-billion. In fixed foreign money, group service income, which excludes gadget and Sim card income, rose by 12.1%.
MTN’s service income from South Africa surpassed that of MTN Nigeria, its greatest market by income, rising marginally by 3.3% to R21.1-billion, whereas Nigeria tumbled by 52.9% to R20.5-billion. In fixed foreign money, Nigeria grew by 32.4%.
MTN mentioned the board anticipates paying a minimal strange ultimate dividend of R3.30/share for 2024 monetary yr. — (c) 2024 Reuters
