MTN Group Reports $6 Billion Revenue Driven by Data Sales in Nigeria, Ghana, Others

Pan-African telecom group, MTN Group Limited, has disclosed its revenue grew by 14.8% to $6 billion in six months.

The telco noted that the revenue growth was driven by data sales, especially in Nigeria, Ghana, Cameroon and South Africa.

It was revealed in its unaudited interim financial statements for the half-year period ended June 30, 2022 obtained by Business Remarks.

MTN Group also generated significant revenue through its fintech business which grew by 14.0% during the period under review.

Also, MTN Group’s earnings before interest, tax, depreciation and amortisation (EBITDA) increased by 15.1% to $2.7 billion, even as the EBITDA margin expanded by 0.3 percentage points to 45.3%.

Meanwhile, profit after tax 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 giant also grew its subscriber base across Africa and elsewhere by 5.6% to 281.6 million, year-on-year.

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.”

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He further stated that even though the economic headwinds may persist in H2 2022, MTN Group was poised to navigate the challenging market conditions.

“In the first half, MTN’s 3G and 4G coverage increased by four million and 22 million people
respectively. Smartphone penetration rose to 54.8% of our customer base, with 154 million
such devices on our network. This supports greater digital and financial inclusion and the
creation of shared value. In South Africa, we rolled out a total of 443 5G sites in H1, bringing
the total to 1 391 5G sites. We reached 20% 5G population coverage in South Africa, ahead of
the December 2022 target.

“The volume of transactions processed through our fintech platform grew by 31.5% YoY to
6.0  billion, with the value up by 1.0% at US$116.3 billion (up 11.7% in constant currency).”