MTN announces financial results and achievements for the first half of 2024

MTN Group, a leading telecommunications operator in Africa, has announced its financial results and achievements for the first half of 2024.

MTN celebrates its 30th^th anniversary this year, says data services revenue increased 21 percent in the six months ended June 30, 2024.

MTN's revenue from fintech services increased by 27 percent.

MTN is implementing its Ambition 2025 strategy and will allocate over R13 billion in capital expenditure (Capex) to expand 4G and 5G networks and business IT systems.

Mazen Mroue is the Chief Technology and Information Officer (CTIO) of the MTN Group and is responsible for the expansion of the 4G and 5G networks. Chika Ekeji is the Chief Strategy and Transformation Officer of the MTN Group.

MTN has increased its diluted stake in MTN Ghana and MTN Uganda by R1.7 billion as part of its strategy to strengthen local ownership.

MTN Group has completed its exit from operations in Afghanistan and Guinea-Bissau as part of its portfolio optimization and simplification of the Group.

MTN had 288 million subscribers in 18 markets at the end of June 2024. MTN has 150 million data subscribers (up 9 percent). MTN's network handled 9054 petabytes of data traffic.

MTN has 66 million (up 9 percent) mobile payment users. MTN said fintech transaction volume reached 9.7 billion, an increase of 18 percent.

“While economic momentum and strategy execution were solid in the first half of the year, macroeconomic headwinds impacted reported results,” said Ralph Mupita, President and CEO of MTN Group. “The significant depreciation of the naira during this period had the greatest impact on reported results.”

MTN South Africa has completed its network resilience investments and ensured average network availability of over 95 percent during load shedding phase 6. At the end of June 2024, network availability was 99 percent, supported by reduced load shedding phases in Q2 2024.

MTN Nigeria has completed the renegotiation of its tower contracts with IHS and ATC. The revised contracts will support the Company's earnings and cash flow development as part of the initiatives to eliminate MTN Nigeria's negative equity position.

Baburajan Kizhakedath