Shares of Africa's largest mobile operator MTN Group fell more than 4% on Tuesday after it said it would reduce capital expenditure during the year as it tries to return its Nigeria unit to a solvent state.
The group reported on Tuesday that revenue slumped almost 19% in reported terms to almost R43 billion in its first quarter to end March, halving in its most lucrative market of Nigeria, where it has been battered by higher fuel costs and currency depreciation. Group core profit, excluding one-off items, fell almost 29% to about R17 billion, but in constant-currency terms. Revenue was up just over 11% and core profit about 4%.
The group also said on Tuesday it was revising its anticipated capital expenditure in 2024 to between R28 billion and R33 billion largely as a result of its reduction in the expected spend in Nigeria.South Africans need to be in the know if we want to create a prosperous future. News24 has kept the country informed for 25 years, and we're about to enter a new chapter of fearless journalism.