MTN has reported a 22% increase in first-half profits even as sales advanced 10% to 65.2 billion rand or US$6.5 billion.
The Johannesburg based company said most of its momentum came from the Nigerian market which added 7.8 million new subscribers, even as total subscribers increased 6.5 percent to 201.5 million.
According to Bloomberg, South African customer numbers declined slightly after weak consumer spending and tough competition hampered the business in Africa’s largest economy. MTN plans to add 21.1 million subscribers in the full year, the company said.
MTN shares advanced 1.3 percent to 198.50 rand by 1:31 p.m. in Johannesburg. The stock has increased 12 percent this year, compared with a 0.7 percent decline at Vodacom Group Ltd.
MTN plans to pay a gross dividend of 3.70 rand a share. The company said on Aug. 1 it made a currency gain of about 1 billion rand during the six-month period, compared with a 1.5 billion-rand loss the previous year.
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