MTN Group's Revenue Falls Amid Challenging Environment

By Najat Kantouar

MTN Group backed its medium term guidance despite a challenging environment mainly due to geopolitical tensions in its core markets, that hit revenue growth.

The South Africa-based telecommunications group said Tuesday that for the period ended March 31 earnings before interest, taxes, depreciation and amortization before one-off items declined to 17.295 billion South African rand ($941.5 million) from ZAR24.26 billion for the same period a year earlier.

Group's service revenue fell to ZAR42.90 billion from ZAR52.83 billion.

Within this, voice and data revenue fell 32% and 15%, respectively. Fintech revenue increased by 11%, while total subscribers increased by 1% to 287.6 million and active data subscribers rose by 7.8% to 149.2 million.

MTN Group maintained its medium-term guidance, but cut its capital expenditure expectations to between ZAR28 billion and ZAR33 billion from between ZAR35 billion and ZAR39 billion previously.

Write to Najat Kantouar at [e-mail]

(END) Dow Jones Newswires

05-14-24 0201ET