MTN South Africa’s service revenue was strangled by unprecedented load-shedding, high inflation, and rising interest rates.
for the three months ended September 2022, revealing that service revenue grew by just 2.2% year-on-year in South Africa.
“This result was delivered against high inflation, rising interest rates, unemployment and unprecedented load-shedding, which negatively impacted the overall network availability and some business functions,” the company said. This was influenced by prepaid service revenue declining by 1.2% year-on-year, which MTN said was due to economic pressure and job losses.
MTN said the macroeconomic pressures of Q3 were likely to continue impacting performance in South Africa in the fourth quarter of 2022. Mobile data revenue grew by 11.2% year-on-year, due to increased data traffic on its network and active data users climbing to 18.8 million. The increase in data usage among subscribers has been even more profound, at nearly 13.5GB per month, an increase of 20.9%.
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