South Africa-based telecommunications giant, MTN Group, reported a nine-month earnings increase to ZAR70.31 billion ($3.84 billion) on Tuesday, marking an improvement from ZAR68.40 billion during the same period last year. This growth was achieved even amid challenging macroeconomic conditions and inflationary pressures.
Although the company's service revenue for the quarter dipped to ZAR50.91 billion from ZAR53.51 billion, the year-to-date figure climbed by 9% to ZAR156.31 billion. Data revenue saw a substantial increase of 15.3%, while voice revenue experienced a minor decline of 0.6%.
MTN Group also registered a growth in its subscriber base, expanding by 1.8% to reach 290.1 million, with active data subscribers rising by 6.7% to total 144.6 million.
Despite the mixed results in different areas of their business, MTN Group remained confident about its full-year earnings projections. Looking ahead to 2023, the telecom behemoth has earmarked ZAR40.1 billion for capital expenditure and plans to pay a minimum dividend of approximately 330 South African cents per share.
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