MTN Group said its service revenue increased by 19.1 percent year on year to ZAR 125 billion in the first nine months of 2021, driven by continued strong growth in major markets Nigeria, Ghana and South Africa. Data revenue rose by 34.5 percent and fintech service revenue by 35.0 percent. EBITDA climbed by 24.1 percent, with margins expanding 2.1 percentage points to 45.0 percent on a constancy currency basis.
The group’s subscriber base reached 272 million at the end of September. Mobile money customers reached 51 million in sixteen markets, processing almost 20,000 transactions a minute, with the value of transactions up 67.2 percent year-on-year to USD 175.5 billion.
MTN Group said it made progress with strategic initiatives during the period, with the announced plans for a public offer of shares in MTN Nigeria and a passive infrastructure deal for MTN South Africa. For the quarter to end-September, the group reduced debt and holding company leverage, recorded strong financial results in line with medium-term guidance, and advanced the delivery of Ambition 2025 strategy.
MTN Group CEO Ralph Mupita said material progress was made in accelerating the deleveraging of the holding company balance sheet, and asset realisation programme and portfolio optimisation priorities are progressing well. The process of structurally separating the fintech and fibre assets remains on track. He added that the debt reduction led to S&P upgrading MTN’s standalone credit rating to investment grade, a level last achieved five years ago.
Looking ahead, Mupita was encouraged that the number of new Covid-19 cases in Africa has started to slow, but said the pandemic still affects lives and livelihoods, and demand for mobile services.
