MTN, sub-Saharan Africa’s biggest cell phone operator, reported on Thursday adjusted headline earnings per share of 584,7 cents for last year, in line with its own forecast as it signed up new subscribers and made acquisitions.
Headline EPS excludes certain non-trading, capital and extraordinary items. The company has changed its year-end to December — to be in line with its international peers.
MTN said it had 40-million subscribers at the end of December, up 73% from a year earlier.
Revenue rose 49% to R52-billion.
”The revenue increase was driven mainly by the acquisition of Investcom and increased subscriber numbers,” MTN said.
Excluding Investcom’s R6-billion revenue contribution, the firm said growth in revenue would have been 32%.
MTN made a cash and share offer of $5,5-billion in May last year to purchase Investcom LLC — a company listed on the Dubai and London share markets — giving the firm access to 10 new markets in Africa and the Middle East.
In Iran MTN had acquired 154 000 postpaid subscribers at an ARPU of $9 in the two months between launch and year-end — ”a weaker start than expected due to a late launch and uncompetitive national coverage,” MTN said.
Some investors were concerned about the impact of launch delays at the company’s new Iranian business and about that country’s nuclear stand-off wth the West.
By March 25 this year MTN said its Iranian operation had recorded more than one million subscribers.
MTN shares closed R1,46 weaker at R91,75 on Wednesday. – Reuters