MTN Group Posts 11% Rise in Full Year Revenues
Published on: 6th Mar 2013
Note -- this news article is more than a year old.
By: Ian Mansfield
South Africa based MTN Group has reported that its full year revenues rose by 10.9% to reach R135 billion (USD15 billion) driven by rising mobile data revenues which were up by nearly 60%.
Revenue rose in al markets, except Nigeria where it fell by 0.8% over the year following significant tariff declines amid heightened competition. The weakness in the average rand exchange rate during the year also supported the improvement in reported revenue.
Profits were up by 2 percent, which was below market expectations. The company only reports earnings on a per share basis and did not provide net figures.
We estimate the net profit at R20.5 billion (USD2.26 billion) based on 1.88 billion outstanding shares.
Over the past year, subscribers increased 15.1% to 189.3 million, a strong result in the face of the ongoing subscriber registration requirements and network challenges in key markets. Looking ahead, the company anticipates reaching the milestone of 200 million subscribers by mid-year.