MTN Group said it is targeting Capex (capital expenditure) of R37.4 billion for 2023 focusing on investment in coverage, capacity and the resilience of networks. Of this, MTN will spend R9 billion on the South African network.
MTN revealed that its revenue increased to R207 billion in 2022 vs R181.6 billion in 2021 and profit of R19.3 billion R13.8 billion in 2021.
“Looking ahead, we remain focused on executing on our Ambition 2025 strategy and maintain our guidance for performance over the next three to five years, despite elevated macroeconomic risks in South Africa and Nigeria,” MTN Group CEO said.
“We will continue to implement our measures to navigate inflationary pressures and drive accelerated growth, further deleveraging the Holdco balance sheet and unlocking value for our stakeholders,” MTN said.
MTN has revised the targeted range for MTN SA’s EBITDA margin to 37-39 percent from the previous guidance of 39-42 percent — given the higher-than-expected power and network security costs as well as a re-assessment of the management fee agreement with the Group.