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As MTN Group reported a resilient performance in the first half of 2022, the company has been balancing an accelerated investment into its networks, reducing the cost to communicate and the delivery of solid financial results.
MTN said it advanced the delivery of its strategy under challenging conditions including, macroeconomic, global supply chain disruptions, constrained on-grid power supply in South Africa and greater regulatory requirements across many markets.
The company made a combined R24.1 billion ($1.5 billion) investment into its network in the period.
“Notwithstanding the tough macro conditions, MTN remained focused on investing in our markets to increase broadband coverage and to reduce the cost to communicate,” said President and CEO Ralph Mupita. “We accelerated network investment to R17.1 billion ($1 billion) and spent an additional R7 billion ($430 million) on securing 4G and 5G spectrum in the key markets of South Africa and Nigeria.”
MTN said, the investment in networks increased access to broadband services to 85.5% of the population and led to an average 22.5% reduction in data tariffs.
The company’s contribution to society and economies also included cash taxes of R7.3 billion ($450 million) paid to nation states in the period.
“In driving investment that grows gross capital formation, the contribution made to jobs and the fiscal resources of nation states was underlined by good financial results in the first six months of 2022,” explained MTN.
The company accelerated its portfolio transformation, delivering R9.2 billion ($567 million) in asset realisations in the first half and bringing the total realised since March 2020 to R15.8 billion ($974 million).
In line with MTN’s pan-Africa focus, the company accepted a binding offer for 100% of MTN Afghanistan.
MTN also prioritised localisations, creating shared value, broadening local participation and deepening capital markets. In Ghana MTN increased local ownership to 23.7% through share sales to pension funds and strategic investors.
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