MTN Group announces strong results

MTN Group last week announced strong growth numbers at the official announcement of their audited results for the year ended 31 December 2008.

Highlights of the announcement include a massive 48% increase in the company’s mobile subscriber base to 90,7 million mobile subscribers throughout MTN’s 21 territories. The company also recorded a 40% jump in revenue, up to ZAR 102,5 billion for the financial year.

The company also showed a good increase in headline earnings per share of 904,4 cents, up 33% from December 2007. The company also declared a dividend of 181 cents.

The company showed good growth figures in its Iran and Afghanistan territories, despite perceptions of instability in those regions.

MTN Group CEO, Phuthuma Nhleko, highlighted the company’s strong balance sheet and cash flow due to its large pre-paid customer base, specifically in the context of the current negative global economic environment.

Other interesting future developments in the company include the rollout of various value added mobile services, including MTN MobileMoney (MTN’s mobile money transfer service) in Uganda, as well as the purchase of various South African CD store outlets.