MTN Nigeria contributed R4 billion (approximately N111.765 billion) to MTN Group’s cash inflows in the first half of 2021. This was contained in a press release made available to the press recently. MTN Group said that it was able to offset the debt of its holding company which declined to R36.7 billion from R43.3 billion (N1.025 trillion from N1.209 trillion).
This was made possible through the cash inflow received from the Group’s operating companies which summed up to R9.3 billion (R259.854 billion) and Nigeria’s operating company contributed R4 billion (N111.765) billion to this amount. The statement said, “We made good progress in reducing our holding company debt, which declined to R36.7 billion from R43.3 billion, and the holdco leverage reduced to 1.4x in the half.
“This was boosted by cash inflows received from our operating companies of R9.3 billion, which included R4.0 billion from Nigeria, as well as R1.8 billion in proceeds from the sale of our stake in Belgacom International Carrier Services.” In general, the group recorded a good performance in the first half of the year recording over 277 million voice subscribers, 117 million active data customers and 49 million active users of its Mobile Money services. The company’s instant messaging app, Ayoba also recorded 8 million users. Its Middle Eastern portfolio, though, cast a shadow over its earnings and the Headline Earning Per Share (HEPS) declined by 10 per cent.
“Excluding these, adjusted HEPS increased by 31.5%. This supported the further expansion of adjusted return on equity, which was up by more than four percentage points to 18.3%. In line with previous guidance, no interim dividend was declared,” it said. But the company lost 18 members of staff to COVID-19 and recorded 2,452 COVID-19 infections. By July 12, just over 8 per cent of its staff had been vaccinated both fully and partially from the virus. The company’s Chief Executive Officer, Ralph Mupita said, “Notwithstanding the many challenges presented by the COVID-19 pandemic, MTN delivered a solid H1, exceeding most of the Group’s medium-term targets through sustained commercial momentum as we executed on our Ambition 2025 strategy.
“We add our voice to the calls by the World Health Organisation and the Africa CDC for COVID-19 vaccine equity for developing markets. The push for herd immunity across the world and a return to broad-based socio-economic global growth will not be possible while developing markets battle to access vaccines
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