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Johannesburg - MTN Group [JSE:MTN], Africa’s largest telecom group, said on Wednesday it has topped 150 million subscribers across 21 countries, as it continues to expand in fast-growing developing markets.
The company also cautioned that revenue for the four months
to end-April was only marginally higher, as a result of the stronger rand.
MTN said in a statement it added 7.4 million subscribers in the first four months of the year, representing 5% growth. The company said its subscriber base has now topped 150 million.
The stronger rand - which averaged R6.86/$ during the
period, compared with R7.48/$ a year earlier - meant that revenue only
improved slightly. A stronger rand is a negative for companies that do business
overseas, as it eats into profits when earnings from abroad are brought home.
The company also said it was negatively impacted by
political unrest in Ivory Coast, and to a lesser extent Yemen and Syria.
Had there been no movement in the exchange rate, earnings before interest, tax, depreciation and amortisation would have been
“meaningfully higher”, the company said.
Revenue is still primarily driven by voice, although
non-voice revenue is growing, MTN said.
MTN shares were down 1% at R135.35 in Wednesday afternoon trade.
