MTN Group sees strong revenue growth across Africa in third quarter

MTN Group’ previously loss-making Nigeria subsidiary reported positive retained income and net equity positions and resumed dividend payments, the telecoms group said in a third-quarter trading update for the nine months to September 30, on Monday.

- EDWARD WEST

Group service revenue was up a strong 22.6%, earnings before interest, tax, depreciation, and amortisation (EBITDA) increased by 41.1%, while the EBITDA margin increased by 6.7 percentage points to 45%. Subscribers increased by 5.8% year-on-year to 301.3 million.

“We are particularly pleased to have crossed a formative milestone in connecting over 300 million customers across our markets,’ they said.

Data revenue was up 35.4%. Revenue from the group fintech businesses was up by 23.1%. The number of active data subscribers increased 9.1% to 165.8 million. Data traffic was up 26.6%.

MTN SAs service revenue increased by 2%, and its EBITDA margin slipped marginally by 0.6 percentage points to 35.8%.