Sign up to save your podcasts
Or
Share MTN sticks to its guns in Nigeria
Share to email
Share to Facebook
Share to X
Share to email
Share to Facebook
Share to X
Or
MTN sticks to its guns in Nigeria
MTN sticks to its guns in Nigeria. The mobile network operator says it remains committed to listing its Nigerian business and will defend itself against allegations by the Central Bank and Attorney General
MTN says it remains committed to listing its Nigerian business despite its recent run-in with the Central Bank of Nigeria and that country's Attorney General. The mobile network operator says it continues to engage extensively with the Nigerian authorities after the Attorney General alleged the group had underpaid $2 billion on tax and the Central Bank ordered it to repatriate $8.1 billion in historic dividends that said were taken out of the country illegally.
In a third-quarter update yesterday, MTN said it continued to deny the allegations and claims and would continue to defend its position.
Stronger operational performances from Nigeria and Ghana, where it also recently listed, helped support its business in the period to end-September. It added 2.5 million new subscribers over the quarter, increasing its total subscriber base by 1.1% to 225.4 million. Active data subscribers increased by 5 million from the previous quarter to 74.2 million while active MTN Mobile Money customers grew by 1.7 million to 25.8 million.
Service revenue grew by 10% from a year earlier, boosted by strong growth in Ghana, Nigeria and Iran. Group data revenue jumped 24% year-on-year. Service revenue in South Africa rose 3%, edging closer to the group's medium-term target of mid-single-digit growth. Data and digital revenue increased by 12.5% and 9.9% respectively, while outgoing voice revenue fell by 8.4%.
MTN recorded an improved operational performance in many markets in the third quarter," group president Rob Shuter said. "Group service revenue grew by 10% year on year, ahead of our medium-term target of upper-single-digit growth, supported by continued strong growth in voice and data revenue."
The group said it had reduced its gross US dollar debt by about $00 million, supported by proceeds from the sale of MTN Cyprus of $303 million, the settlement of a loan from its Ugandan Tower Compay of $34 million as well as the proceeds from the MTN Ghana listing of $202 million received after the quarter's end.
Its shares rose 3.3% to R86.75 yesterday, paring losses for the year to 36%.
Quite sad reading through MTN results this morning, MTN Nigeria is cooking and had it not been for the exogenous event the stock would be outperforming... Joys of stock-picking :)
-- Mark Narramore (@marknarramore1) October 29, 2018
$JSEMTN qrtly update. Looks like a 'fair'' set of results: Some pockets of concern: Stale EBITDA (ZAR weakness). MTN Nigeria had fair results too. Iran (MENA) cell still 49% of equity - big cash there!
-- 24K Magic (@ZAR_Chez) October 29, 2018
View all episodes
By INCE|Connect NewsMTN sticks to its guns in Nigeria. The mobile network operator says it remains committed to listing its Nigerian business and will defend itself against allegations by the Central Bank and Attorney General
MTN says it remains committed to listing its Nigerian business despite its recent run-in with the Central Bank of Nigeria and that country's Attorney General. The mobile network operator says it continues to engage extensively with the Nigerian authorities after the Attorney General alleged the group had underpaid $2 billion on tax and the Central Bank ordered it to repatriate $8.1 billion in historic dividends that said were taken out of the country illegally.
In a third-quarter update yesterday, MTN said it continued to deny the allegations and claims and would continue to defend its position.
Stronger operational performances from Nigeria and Ghana, where it also recently listed, helped support its business in the period to end-September. It added 2.5 million new subscribers over the quarter, increasing its total subscriber base by 1.1% to 225.4 million. Active data subscribers increased by 5 million from the previous quarter to 74.2 million while active MTN Mobile Money customers grew by 1.7 million to 25.8 million.
Service revenue grew by 10% from a year earlier, boosted by strong growth in Ghana, Nigeria and Iran. Group data revenue jumped 24% year-on-year. Service revenue in South Africa rose 3%, edging closer to the group's medium-term target of mid-single-digit growth. Data and digital revenue increased by 12.5% and 9.9% respectively, while outgoing voice revenue fell by 8.4%.
MTN recorded an improved operational performance in many markets in the third quarter," group president Rob Shuter said. "Group service revenue grew by 10% year on year, ahead of our medium-term target of upper-single-digit growth, supported by continued strong growth in voice and data revenue."
The group said it had reduced its gross US dollar debt by about $00 million, supported by proceeds from the sale of MTN Cyprus of $303 million, the settlement of a loan from its Ugandan Tower Compay of $34 million as well as the proceeds from the MTN Ghana listing of $202 million received after the quarter's end.
Its shares rose 3.3% to R86.75 yesterday, paring losses for the year to 36%.
Quite sad reading through MTN results this morning, MTN Nigeria is cooking and had it not been for the exogenous event the stock would be outperforming... Joys of stock-picking :)
-- Mark Narramore (@marknarramore1) October 29, 2018
$JSEMTN qrtly update. Looks like a 'fair'' set of results: Some pockets of concern: Stale EBITDA (ZAR weakness). MTN Nigeria had fair results too. Iran (MENA) cell still 49% of equity - big cash there!
-- 24K Magic (@ZAR_Chez) October 29, 2018