MTN Group, one of Africa’s largest telecommunications operators, has reported a half-year loss of 20.8%, driven by the devaluation of the Nigerian naira and operational difficulties in Sudan.The operator, which serves over 280 million customers across 18 African markets, reported a headline loss of R2.56 per share for the six-month period.
MTN Group CEO Tsholo Molefe says the sharp devaluation in the naira has impacted operating expenses and network costs.MTN’s service revenue from South Africa exceeded that of MTN Nigeria, its largest revenue market, with a slight increase of 3.3%.Meanwhile, Molefe says MTN has completed its network resilience programme in South Africa.
“We are seeing improving trends since the beginning of the year with the networks availability has improved significantly over 95 percent. We still see a decline in voice prepaid which is really a function of consumers being under pressure.” Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies.