CC image courtesy of Public Relations at MTN Yemen1 on Flickr.
The MTN Group has released its financial months for the six months ended June 30, 2014, revealing 21.5 per cent revenue growth in Nigeria, while South African revenues contracted by seven per cent.
MTN said its group revenues experienced solid growth of 10.7 per cent reaching ZAR72.759 billion (US$6.8 billion); the group’s Nigerian operations performing particularly well with revenues rising to ZAR27.099 billion (US$2.5 billion) – a 21.5 per cent increase compared to the corresponding period last year.
Conversely, South African operations dropped seven per cent to ZAR19.157 billion (US$1.8 billion).
“MTN Nigeria delivered a robust performance and going forward expects to benefit from the growing demand for financial services and mobile content in this market. The South African operation remained under pressure, but we have started to see positive momentum in the second quarter following substantial actions to improve commercial performance,” said Sifiso Dabengwa, MTN Group president and chief executive officer (CEO).
“MTN made good progress on delivering on our strategy in the period. The Group continues to improve operational and cost effectiveness as well as explore opportunities to expand our product offering outside of traditional voice into the digital space,” he said.
“Furthermore, the Group continues to benefit from our ongoing investment in the network, which enhances MTN’s offering and positions us for further growth.”
MTN said the Group’s subscriber base grew by 3.5 per cent to 215 million users, with data and mobile money leading the way both in subscriber and revenue terms.
The group’s data user base grew by 7.3 per cent to 88.5 million while revenue from data grew by 39 per cent to ZAR12.708 billion (US$1.2 billion).
The network’s mobile money users rose by 24.3 per cent to 18.4 million within the same period.
