Earlier this week, we reported that MTN had extended its market share lead in Nigeria with 55 million subscribers. Yesterday the MTN Group reported in its consolidated reviewed financial results for the six months ended 30 June 2013, that it has hit the 200 million milestone. This comes a year before it celebrates 20 years of connecting people and economies, from South Africa – the launch pad – to South Sudan, its most recent market. It also reported revenue increased 9.8% to R65.2 billion ($6.5 billion).
Other highlights are as shown below:
- Group subscribers increased 6.5% to 201,5 million
- Data revenue increased 36,9% to R9 054 million
- EBITDA increased 6.4% to R27 743 million (excluding Tower profits)
- EBITDA margin stable at 42.5% (excluding Tower profits)
- Capex increased 32.7% to R 12 792 million
- HEPS increased 22.0% to 654 cents
- Interim dividend increased 15.3% to 370 cents per share
Reported revenue for the six months increased, despite being negatively impacted by the tariff cuts in both Nigeria and South Africa. The reported financial results were positively affected by the 16.3% decline in the average rand versus US dollar rate.
MTN reported that MTN Nigeria continued to show consistent month-on-month improvements in its operational metrics. Revenue performance, however, was impacted by the 40% reduction in mobile termination rates effective 1 April as well as by the temporary network disconnections in three northern states. In South Africa, the weak consumer environment and aggressive competition had a dampening effect on revenue.
