“The further devaluation in the naira against the U.S. dollar… and the ongoing conflict in Sudan had the most significant impact on reported results,” Reuters quoted MTN CEO Ralph Mupita.
Mupita said that the company was affected largely by external factors: “Although the underlying commercial momentum and strategy execution were solid in the period, macro headwinds impacted operating results.”
MTN Group, which has 288 million customers across 18 markets in Africa, said its group service revenue decreased 20.8 per cent to 85.3 billion rand.
In constant currency, group service revenue, which excludes device and SIM card revenue, rose 12.1 per cent.
The company’s service revenue from South Africa surpassed that of MTN Nigeria, its biggest market by revenue, rising by 3.3 per cent to 21.1 billion rand.
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