For the first time ever in the history of its operation in Nigeria, telecoms giant, MTN, has announced a loss it has recorded.
After suffering a huge fine in Nigeria and currency challenges in
key markets, MTN, South African telecoms giant said Thursday that it
made a $200m loss in 2016 – the company’s first ever, Agence France
Presse, AFP, reports.
Speaking in a statement, MTN said: “MTN Group’s financial results for 2016 reflect the most challenging year in the company’s 22-year history.”
Accoridng to AFP, the Johannesburg-based MTN reported profits of 20.2 billion rand ($1.6bn) before tax for 2015.
Overall performance was hindered by lower than expected growth in
both South Africa and Nigeria — as well as the depreciation of the rand
against the dollar and the continued impact of a $1bn fine by Nigerian
authorities.
Nigerian authorities fined MTN in October 2015 for failing to
disconnect unregistered mobile accounts in the country — originally
ordering it to pay $1,000 for each improperly registered SIM card.
The Nigerian Communications Commission had ordered the purge for
security reasons, as the country battles Boko Haram Islamists as well as
criminality — especially kidnapping for ransom.
The original NCC penalty was equal to roughly a quarter of the country’s annual federal budget.
Nigeria, Africa’s most populous country, is MTN’s largest market,
where it now has 62 million subscribers out of a total of 233 million — a
1.2 percent increase on 2015.
MTN’s operations in South Africa were hit by technical issues and
customer service problems during the year, which also hurt the bottom
line, the company said.
“Towards the end of 2016 our two largest operations (South
Africa and Nigeria)… began to show signs of a turnaround following an
extended period of underperformance.”
Revenue was fractionally up for the year at 146.9 billion rand ($11.3bn, 10.7 billion euros), the company said.
The MTN share price on the Johannesburg stock exchange rose five
percent after the announcement of the company results compared to the
close on Wednesday.
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