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MTN released their first set of numbers under new management this morning, I'm pleased to see that the market reacted favourably to them. In constant currency the numbers looked okay, when converting everything back to Rands it looks rather horrible. In constant currency Revenues are up 6.7% (down 18.5% on actual currency) with Nigerian revenues up 11% and South Africa up 1.6%. The future of the business, data had a strong showing with a revenue increase of 31.9% or 9.6% in actual currency, with Nigeria growing by 70%, South Africa by 14% and Iran by 68%.
New management means a new vision for the company and a new culture to some degree, which is what shareholders were looking for. Below is what the new growth plan and focus will be for the company. My corporate speak is a bit rusty but if they can execute on what they plan to do, it looks good for the long term health of the business. I'm interested to see what the "digital" focus will entail, there has been talk that MTN might buy Multichoice's Rest of Africa operations.