MTN reported improved constant currency results for the six months ended 30 June 2018, delivering broadly on our medium-term targets as we remained focused on executing our BRIGHT strategy. Growth in service revenue accelerated, margins on earnings before interest, taxation, depreciation and amortisation (EBITDA) increased, and voice, data and digital revenue continued to expand.
“MTN had an encouraging first half of 2018, with an acceleration in the second quarter, supported by an improved operational performance across many markets. This was led by Nigeria, Ghana and South Africa. Service revenue growth increased, driven by robust voice revenue growth and the continued expansion of data and digital revenue. This in turn was supported by a 2,8% increase in subscriber numbers, continued network rollout, increasing 3G and 4G population coverage and improving customer service,” says Rob Shuter, MTN Group President and CEO.
“We resolved some key regulatory issues in Cameroon and Benin, launched the initial public offering (IPO) of MTN Ghana and made progress on the IPO of MTN Nigeria. As part of our ongoing portfolio review, we agreed to the sale of MTN Cyprus,” continues Shuter.
“In the period, we further strengthened our governance of risk, continued to boost our specialist skills base, recorded improvements in employee engagement and extended mobile internet access to more people,” he confirms.
“Despite continued challenges in repatriating funds from MTN Irancell, the board remains committed to plans to declare a total dividend of 500 cents per share for 2018 and is targeting growth of 10% to 20% over the medium term. We believe everyone deserves the benefits of a modern connected life and see opportunity to provide this. We are confident that MTN remains well placed to deliver on our medium-term guidance.”