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MTN Group Reports$ 6 Billion Profit In Interim Unaudited Fiscal Results For Half- Time 2022

  • Pan-African telecom group, MTN Group Limited, has released its unaudited interim fiscal statements for the half- time period ended June 30, 2022.

A dupe of the fiscal report attained by Business Insider Africa,showed that the company grew its profit by14.8 to$ 6 billion. The profit growth was driven by data deals, especially in Nigeria, Ghana, Cameroon and South Africa.MTN Group also generated significant profit through its fintech business which grew by14.0 during the period under review.

Also, MTN Group’s earnings before interest, duty, deprecation and amortisation( EBITDA) increased by15.1 to$2.7 billion, indeed as the EBITDA periphery expanded by0.3 chance points to45.3.

Read Also: Telecom companies to lose more revenue as subscribers drop down by 9.1 million 

Meanwhile, profit after duty for the period stood at$640.4 million, a significant increase when compared to$252.5 million recorded during the same period in 2021.

The telecom mammoth also grew its subscriber base across Africa and away by5.6 to281.6 million, time- on- time.

While commenting on the financial performance, MTN’s President and Chief Executive Officer, Ralf Mupita, said:

“Notwithstanding the tough macro conditions, MTN remained focused on investing in our markets to increase broadband coverage and to reduce the cost to communicate. We accelerated network investment to R17.1 billion and spent an additional R7 billion on securing 4G and 5G spectrum in the key markets of South Africa and Nigeria.”

He further stated that indeed though the profitable headwinds may persist in H2 2022, MTN Group was poised to navigate the grueling request conditions.

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