MTN has released its annual results for the year ended 31 December 2022, including a huge increase in profits.
MTN has released its annual results and reported a 42.8% increase in profit across the group from R17 billion in 2021 to R24.3 billion in 2022.
“Excluding this effect, EBITDA would have been up by 2.8%, and the EBITDA margin would have been 38.5% .”“South Africa faced numerous challenges in 2022, with the economy remaining under significant pressure with the growth outcome for the year estimated to be sluggish at 2.1% ,” the company stated. “These dynamics weighed heavily on consumer disposable income, spending patterns and sentiment, as well as costs in our business and our ability to operate.”This included 12.5% growth in postpaid subscribers to 8.3 million.MTN South Africa said its revenue growth was also supported by a 7.2% increase in the number of active data subscribers to 18.9 million, with data traffic rising 33.2%.
“This was enabled by growing sales through open access home fibre as well as growing our 5G and Tarana footprint,” MTN said. Its enterprise business continued to deliver double-digit service revenue growth, supported by growth in mobile data revenues, bulk SMS and IoT. It grew by 17.5% year-on-year.
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