MTN Group, a telecommunications company headquartered in South Africa, announced a decline in its pretax profit for the year. The company generated a pretax profit of ZAR 18.31 billion ($966.2 million) compared to ZAR 18.58 billion the previous year.

Despite the decline in profit, MTN's basic earnings per share increased to 511 South African cents from 445 cents. Headline EPS, which excludes exceptional and one-off items, also saw an increase to 542 cents from 506 cents.

Revenue for the company rose to ZAR 113.20 billion from ZAR 97.49 billion. Notably, data revenue grew by 16.5%, while fintech revenue saw a growth of 21.4% on a constant currency basis.

Although the board has not declared a dividend for the half-year, it expects to pay a final declaration of ZAR 3.3 per share for the year.

MTN acknowledged the challenges in its operating environment and anticipates near-term impacts on its top-line and margins. However, the company reaffirmed its medium-term guidance and aims for at least mid-teens group service revenue growth.

In addition to these financial updates, MTN also announced that it has signed a memorandum of understanding with Mastercard. This strategic partnership entails a minority investment in MTN's fintech business, with an estimated total enterprise valuation of approximately $5.2 billion. Definitive investment agreements are expected to be finalized in the near future.

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