MTN Group Shows Strong Operational Results and Strategic Advances in H1

MTN Group showed strong growth and strategic progress in H1 2024.

Data service revenue increased by 21%, and fintech revenue rose by 27%.

The company made strides in local ownership for MTN Ghana and MTN Uganda, raising R1.7 billion.

MTN exited operations in Afghanistan and Guinea-Bissau to simplify its portfolio.

MTN had 288 million subscribers, with 150 million active data users, increasing data traffic by over 33%.

Active Mobile Money users grew by 9%, boosting fintech transactions by 18% to 9.7 billion.

MTN invested over R13 billion to expand 4G, 5G networks, and IT systems.

The balance sheet remained robust, with a 1.6x leverage ratio and a favorable debt mix.

Weaker currencies and the conflict in Sudan impacted reported results, leading to a 50% drop in HEPS and a 4.2-point decline in ROE.

MTN South Africa and Nigeria made notable progress, with MTN Nigeria optimizing capex and renegotiating tower contracts.