MTN Group on Thursday reported an 18.5% fall in service income within the third quarter ended 30 September 2024, hit by the devaluation of the Nigerian naira and operational challenges in Sudan.
MTN, with 288 million subscribers in 17 markets throughout Africa, stated its group service income fell to R127.4-billion from R156.3-billion in the identical quarter final yr.
The group reported a 48.7% plunge in income from MTN Nigeria because of the devaluation of the forex however famous that “the naira was much less unstable on a sequential foundation in Q3 than in previous quarters”.
Its greatest contributor, MTN South Africa, grew marginally by 3.3% and Uganda adopted swimsuit with 5% progress, helped by a firmer Ugandan shilling in comparison with final yr.
The corporate stated its subscriber base grew by 1.6% to 288 million, affected by “subscriber registration laws in Nigeria and a decline in customers in Sudan, the place hundreds of thousands of individuals have been displaced by battle”.
MTN estimates capital expenditure at between R28-billion and R33-billion for the total yr and appears to spend extra in Nigeria, inspired by stronger demand within the nation regardless of the regulatory challenges.
Learn: MTN board rallies round CEO Ralph Mupita
MTN Group shares have been down 1.3% at 9.27am in Johannesburg. — Sfundo Parakozov, (c) 2024 Reuters
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