MTN sees first-half profit jump on Nigeria, Ghana mobile gains

MTN Group said adjusted first-half earnings climbed as much as 23% after improved results from the Nigerian, Ghanaian and Ugandan operations of Africa’s biggest mobile network operator.

Adjusted headline earnings per share for the six months ended 30 June are in a range of R7.75 To R8.08 compared with R6.57 a year earlier, the Johannesburg-based company said in a statement on Tuesday.

The operational performance at the company’s units is translating into stronger profit, with rising data usage, fintech adoption and some economic stability improving results from the region.

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Net income for its business in Nigeria, its biggest market with about 81 million subscribers, surged 71% in the period, while profit at its Ghanaian operation climbed 43%, the units said in separate statements in the last week of July.

In Uganda, profit after tax climbed 38%, the firm said on 7 August.

So-called headline earnings were likely flat because of impairment losses relating to the company’s investment in Iran.

MTN in 2020 decided to sell its 49% stake in its Iranian venture, but US sanctions against the Middle Eastern nation – in place since May 2018 – have stymied the efforts, with the conflict that broke out on 28 February further hindering the plan.

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MTN shares declined 4% after the update to the lowest since 21 April.

The drop pared their gain this year to 16%, valuing the business at R362 billion.

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