MTN Group, a leading telecom operator in Africa, has revealed its financial result and achievements for the first-half of 2024.
MTN, which is celebrating its 30th anniversary this year, says data service revenue grew by 21 percent in the six months to 30 June 2024.
Fintech service revenue of MTN rose by 27 percent.
MTN, which is in the process of implementing its Ambition 2025 strategy, will be earmarking over R13 billion in capital expenditure (Capex) to expand 4G and 5G networks and business IT systems.
Mazen Mroue is the MTN Group Chief Technology and Information Officer (CTIO) responsible for the roll out of 4G and 5G networks. Chika Ekeji is MTN Group’s Chief Strategy and Transformation Officer.
MTN diluted stake in MTN Ghana and MTN Uganda raising R1.7 billion as part of its strategy to enhance local ownership.
MTN Group completed the exit of operations in Afghanistan and Guinea-Bissau, as part of portfolio optimisation and simplifying the group.
MTN had 288 million subscribers across 18 markets at the end of June 2024. MTN has 150 million data subscribers (up 9 percent). MTN’s network managed 9054 petabytes of data traffic.
MTN has 66 million (up 9 percent) mobile money users. MTN said fintech transaction volumes reached 9.7 billion, achieving 18 percent increase.
“Although the commercial momentum and strategy execution were solid in H1, macro headwinds impacted reported results,” said MTN Group President and CEO Ralph Mupita. “The sharp devaluation of the naira over the period had the most significant impact on reported results.”
MTN South Africa, which has completed its network resilience investment, has ensured average network availability of more than 95 percent under stage 6 load-shedding. At the end of June 2024, network availability was 99 percent, supported by reduced load-shedding in Q2 24.
MTN Nigeria concluded the re-negotiation of its tower contracts with IHS and ATC. The revised contracts will support earnings and cashflow development in the business as part of the initiatives to resolve the negative equity position of MTN Nigeria.
Baburajan Kizhakedath
