Fidelity bank banner Bayelsa State banner
MTN swings to $279m annual profit

By News Express on 08/03/2018

Share on facebook Yahoo mail icon Gmail icon Share on Google+

Views: 580

•MTN Group CEO Rob Shuter
•MTN Group CEO Rob Shuter

MTN Group, Africa’s biggest mobile phone operator, returned to annual profit in 2017 in the absence of one-off charges related to a $1.1 billion Nigerian fine.

Headline earnings totalled 3.3 billion rand ($278.82 million), or 182 cents per share, in the year ended December, compared with a loss of 1.4 billion rand, or 77 cents per share, a year earlier, South Africa-based MTN said on Thursday.

Headline EPS is the main profit measure in South Africa and strips out certain one-off items.

Group service revenue rose 7.2 percent to 124 billion rand, due to strong performance in Nigeria, the company’s most lucrative but problematic market. MTN said it would pay a total of 700 cents in dividend payouts for the year, unchanged from the previous year.

Founded with the help of Pretoria at the end of white rule in 1994, MTN is seen as one of post-apartheid South Africa’s biggest commercial successes, but clashes with regulators in recent years have raised questions about its governance and hobbled its growth.

In November, the Nigerian Senate approved a report largely exonerating MTN of illegally repatriating $14 billion, an investigation that came in 2016 after the company agreed to pay $1.1 billion fine to settle a long-running dispute with the West African country over unregistered SIM cards.

The company, which vies with Vodacom at home, appointed Rob Shuter as chief executive a year ago as part of efforts to step up the hunt for returns in everything from financial services to music and video games.

“We are confident that the foundation is in place for MTN to deliver strong growth over the medium term,” said Shuter, a former Vodafone European head with a background in banking. (Reuters)

Source News Express

Posted 08/03/2018 2:26:34 PM

 

Share on facebook Yahoo mail icon Gmail icon Share on Google+


 

CLASSIFIED ADS

 

You may also like...
Nigeria’s oil production now at 2.1m barrels per...

Katsina challenges ITF Management over assessment training

Fake certificate accusation at Tourism Corporation is false:...

Beyond poll court victories: The challenges ahead for...

Promotion galore in FRSC, 1,925 personnel benefit

Breaking News: Military recaptures Gwoza from Boko Haram...

Rivers issues 24-hour deadline to contractors handling East-West,...

Amaechi’s 2nd term as Presidential Campaign DG and...

Oil magnate Femi Otedola loses $400 million

SERG condoles Gov. Ugwuanyi, demands justice over herdsmen...

National Industrial Safety Council President weeps over working...

Outrage as unknown killer strangles Nnewi twins, dumps...

 

Latest News Next President: The right man for the job, By Chima Nwafo Hate Speech Bill: Issues and worries, By Jerome-Mario Utomi 18-year-old boy rapes 7 Ekiti Varsity students Communications Minister, Adebayo Shittu, in certificate scandal Lawyer ambushes Python Dance 3 in court •Sues Buhari, Buratai, Malami, others Buhari, governors may clash with Tinubu over Ambode Oshiomhole, APC bow to governors, make U-turn on indirect primaries Delta establishes 6 IDP camps •To forward 2019 budget proposals to DTHA soon Southern, Northern leaders express fears over 2019 polls Plateau women protest half naked over military action Businessman sentenced 140 years for forging foreign cheques Stella Oduah dumps APGA, announces return to PDP

 

Most Read NUDE PHOTO OF OMOTOLA JALADE-EKEINDE surfaces online (395,132 views) Nigerian female sex addict opens up, says ‘I like it with both men and women’ (376,079 views) Shameless Genevieve Nnaji exposes breasts in public (307,683 views) Finally named: The full list of friends of Nigerian female sex addict who prowled Facebook (250,148 views) OLUMBA OLUMBA OBU (the one who called himself God) IS DEAD (231,663 views) Igbo scholar disgraces Femi Fani-Kayode •Demolishes claims on Igbo/Yoruba history with facts and figures (221,341 views) Breaking News: POPULAR REVEREND CONVERTS TO ISLAM in Kaduna (Nigeria) (199,563 views) OBJ’s son reported dead in Lagos plane crash •Names of more victims emerge (181,195 views) My wasted years in Olumba Olumba Obu’s Evil Brotherhood (165,275 views) THE FINAL DISGRACE: Igbo scholar unleashes more facts about Igbo/Yoruba history, finishes off Femi Fani-Kayode with second article (163,143 views) Lagos plane crash: Journalist releases victims’ names (157,833 views) Gunmen kill ASP, 2 other police officers in vain bid to kidnap Rivers PDP chieftain (146,652 views)

 

Categories Advertorials (3) African Press Organisation (81) Art & Literature (62) Business & Economy (3,613) Business Verdict (52) Columnists (932) Complaints & Requests (94) Enterprise & Opportunities (207) Entertainment (547) Features (652) Global Business Monitor (301) International (2,415) Interview (164) Live Commentary (28) Love Matters (143) News (39,022) Opinion (1,109) Pidgin (11) Politics (6,664) Religion (869) Sports (1,697) Stock Watch (33) AMA & Al Jazeera Global Update

 

CBN banner

Firstmobile banner

 

 

NEWS EXPRESS TV

I am Imo State's New Governor -- Okorocha's son-in-law Uche Nwosu...

 

APO Group Partner

 

 

CLASSIFIED ADS

GOCOP Accredited Member

GOCOP Accredited member

 

 

Africa Media Agency and Al Jazeera

Advertisement