MTN reports 11% profit growth, but it sees a fall in SA amid load shedding | Business

📆 11/05/2023 12:30 p. m.
📰 News24

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Africa's largest mobile operator MTN said while robust demand for data helped lift its revenue by double digits in its first quarter to end-March, profit margins came under strain as it battled with load shedding in SA and high inflation across its markets

Inflation averaged more than more 18% across its markets, with higher interest rates and general prices eroding the spending power of customers. Both Sudan and Iran are suffering hyperinflation, with Sudan having now been hit by a conflict in mid-April that has led to a shortage of basic goods. In Nigeria, companies have also been hit by the introduction of a new currency, which has led to a shortage of notes, suppressing economic activity.

Across its 19 markets, MTN grew its subscribers by just over 5% to about 291 million, but it said it is considering an"orderly exit" from three west African operations: Guinea-Bissau, Guinea-Conakry and Liberia.

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