MTN Quarterly Update - Strong Data Growth
Last week MTN released their quarterly update for the period ending 31 March. The share has been battered this year due to a weak oil price. The company has significant operations in Nigeria and Iran, two countries that rely on oil production. Looking at high level numbers, they added 6.6 million customers - taking their customer base to 257 million, revenue grew 11% and their EBITDA profit margins expanded. Looking at a country level, most operating regions saw double-digit revenue growth; unfortunately MTN SA saw revenue go backwards by 6.2%. Part of the reason for the drop in local revenue is due to a change in their roaming agreement with Cell C.