Mobile operator MTN has published a quarterly update on its business, reporting solid growth despite headwinds in South Africa from unprecedented levels of load shedding and concessions supporting Cell C’s turnaround.
For the nine months ended September, group service revenue grew by 14.3%, led by data revenue and fintech . Earnings before interest, tax, depreciation and amortisation was up 24.7%.“Supported by the solid performance of large subsidiary MTN South Africa, MTN Group reported resilient overall results for the first nine months of 2022, under difficult macroeconomic, geopolitical and regulatory conditions across our markets,” it said.
Wholesale revenue increased by 0.7%, thanks to the national roaming deals with Cell C and Telkom. In September 2022, Cell C concluded its recapitalisation, significantly improving its financial position. Based on this, MTN SA assessed that it is now appropriate to recognise revenue for national roaming services on an accrual basis of accounting.The national roaming agreement with Telkom, aligned with the Group’s work to monetise investments in networks, took effect on 1 November 2021.
“Amid unprecedented load shedding which negatively affected network availability, MTN South Africa expanded market share, delivered encouraging underlying service revenue growth, strong expense controls and investment in network resilience and expanding the 5G coverage,” said MTN Group President and CEO Ralph Mupita.
MTN said it is also making progress with its process of a strategic minority investment into the fintech business, noting that it was now in the binding offer phase and expecting outcomes in early Q1 2023.
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