MTN Profits
MTN Could Sell its Afghanistan Business for $35-Million
South Africa’s MTN Group, the largest telecom in Africa in terms of revenue and subscriber base, has finally received a binding offer to sell off its Afghanistan business for $35-million. The Group will end its Middle East operations after the sale. In 2021, reports began to indicate that MTN was in talks with potential international buyers to sell its wireless business in Afghanistan in part of the company’s larger plans to completely exit the Middle East. At that point, MTN was the market leader in Afghanistan with a 40% share. According to Reuters, MTN Group CEO Ralph Mupita told journalists that the Group received the offer from an undisclosed buyer for the gross sum of $35-million. The amount will be paid over a period of time, and the proceeds would be $31-million. Mupita confirmed t...
MTN Group Posts “Strong” 2021 Results – $583M in Profits
South African telecom MTN has released its financial results for the year ended December 2021 and reported “strong financial, operational and sustainability results” through what the group is calling a “tough macro year.” MTN boasts that these very positive results were delivered through “strong strategic execution and sustained commercial momentum across 19 markets.” “We adapted to the extraordinary circumstances brought about by the COVID-19pandemic and started shaping the MTN of the future through the execution ofAmbition 2025,” said MTN Group President and CEO Ralph Mupita. Increased Earnings In constant-currency terms, service revenue grew by 18.3% to $11.4-billion, earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 23.7% to $582.6-Million and the EBIT...
