Quarterly update could add impetus to swing toward more positive investor sentiment.
Between March 6, the day before MTN announced its results for the year to December, and Thursday , when it published a first-quarter trading update, its share price has increased by 36% from R76.06 to R103.45.
The telecommunications giant reported a 10% year-on-year increase in group service revenue to R33.2 billion , with an earnings before interest, tax, depreciation and amortisation margin of 38.8%. “Firstly, the numbers were stronger,” he says. “Secondly, there has been clear communication on its plans to unlock value in non-core assets. What followed is that the external environment has been helpful, with oil price running and Nigerian currency steady – and elections there went through peacefully.”
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