MTN Group says Nigeria, other markets boosted earnings growth

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MTN Group said on Tuesday improved operational performance across the business coupled with the proceeds from asset sales delivered healthy profit growth in 2019.

Headline earnings per share increased by between 30% and 50% in 2019, even after a downward adjustment from a change in reporting standards, the Johannesburg-based telecom company said in a statement after the market closed on Tuesday.

While MTN provided little further detail, a spokesperson highlighted the group’s biggest market of Nigeria as a significant high performer.

Disposals including minority stakes in two tower joint ventures for $540m (R8bn) also helped support growth, she said.

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MTN is looking to raise as much as R60bn from an ongoing asset-sale plan, with further tower businesses and a stake in the carrier’s Nigerian unit up for sale.

The company has more than 20 markets across Africa and the Middle East. The shares have declined 2.7% in the past 12 months, valuing the company at R157bn.

Bloomberg

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Godwin Okafor is a Financial Journalist, Internet Social Entrepreneur and Founder of Naija247news Media Limited. He has over 16 years experience in financial journalism. His experience cuts across traditional and digital media. He started his journalism career at Business Day, Nigeria and founded Naija247news Media in 2010. Godwin holds a Bachelors degree in Industrial Relations and Personnel Management from the Lagos State University, Ojo, Lagos. He is an alumni of Lagos Business School and a Fellow of the University of Pennsylvania (Wharton Seminar for Business Journalists). Over the years, he has won a number of journalism awards. Godwin is the chairman of Emmerich Resources Limited, the publisher of Naija247news.

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