MTN Group disclosed 2018 financial results showing a 10.7% increase in service revenue to R125.4 billion (KES 862.4 billion) in constant currency, according to a 2019 report. The telecommunications company achieved this growth while reducing holding company leverage, as stated by CEO Rob Shuter.
The operator expanded its active subscriber base to 233 million across 21 African and Middle Eastern markets, with mobile data users reaching 79 million. Mobile money services remained at 27 million users despite growth. MTN plans to commercialize tower and e-commerce subsidiaries, which it no longer views as long-term strategic assets.
The group aims to generate over R15 billion through asset sales within three years. This includes exiting its Botswana subsidiary Mascom for a $300 million fee. CFO Ralph Mupita stated proceeds from these sales will help reduce debt and maintain the company's 500 cents dividend policy.
MTN faced regulatory challenges in Nigeria, where its Uganda branch CEO was recently deported for alleged legal violations. The company said it has resolved most legal issues to focus on operations.
The article includes an image from 2015.
