MTN takes R695-million hit from load shedding
moved to quantify the impact of load shedding on its South African operation’s earnings, saying on Monday that Eskom’s woes cost it R695-million in Ebitda in the 2022 financial year.
It also lowered its Ebitda guidance for the 2023 financial year to a margin of between 37% and 39%, from guidance of 39% to 42% previously.The power cuts are placing “enormous strain” on the MTN South Africa network, “impacting availability as well as some business functions, including those supporting recharge and upgrade activity”, the group said.
MTN had upgraded more than 3 000 high sites by the end of February to make them more resilient to load shedding. “Furthermore, considering the increased frequency and intensity of stage-6 load shedding, as well as the potential threat of stage 8, MTN South Africa is working with its partners on further optimising sites to ensure consistent performance of the resilience upgrades. This optimisation process is expected to be concluded by December 2023.
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