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MTN Group Delivers Steady Progress in 9 Months

Financial results News - Published on Wed, 06 Nov 2019

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MTN Group announced sustained momentum in its results for the 9 months to September 2019 with service revenue growing 9,6% and its EBITDA margin improving by 0,6% to 35,1%. During the quarter the group added 3,5 million subscribers and now serves 244 million customers across its 21 markets.

Overall, solid performances in Nigeria and Ghana offset the headwinds in South Africa, which was impacted by the weaker consumer demand and changes in ICASA’s End User Subscriber Service Charter Regulations which have impacted out-of-bundle usage. Notwithstanding these pressures, in the third quarter MTN South Africa saw an improving trend in both prepaid and enterprise service revenues. Consumer post-paid in South Africa remained strong in a competitive market with service revenue growing at 5,8%.

At June 2019 MTN had not recognised R393 million of unpaid revenue from its roaming agreement with Cell C and an impairment of R211 million had also been raised. Since the end of June 2019 to date, Cell C has made payments amounting to nearly R750 million, in line with an agreed payment plan. MTN has continued its conservative accounting for the Cell C roaming contract and only payments receive during the third quarter were processed, and all against the outstanding balances as at June 2019. We continue to work with Cell C on an expanded network deal and are seeing good progress to date.

Providing an update of the asset realisation programme (ARP) MTN Group CFO Ralph Mupita said: “As at June 2019 we had achieved R2.1bn of the 3-year R15 billion target announced in March this year. We continue to make steady progress in this regard and, following American Towers Corporation’s announcement of its acquisition of Eaton Towers, we are in advanced discussions to dispose of our 49% holdings in ATC Ghana and ATC Uganda which we value at between R7bn and R8bn.

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Posted By : TelecomGuru on Wed, 06 Nov 2019
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