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MTN spends billions in network upgrades

by SAVIOUS KWINIKA 
JOHANNESBURGMTN invested R32,7 billion (US$2,15 billion) in 2021 to sustain growing demand for data services and position the company for a future driven by 4G and 5G technologies.

Group revenue increased by 17,6 percent to R181,6 billion.

This is an increase from R179,4 billion in 2019.

The pan-African mobile operator also increased its subscriber base by 2,9 million to 272,4 million over the past year.

New subscriber identity module (SIM) registration regulations in Nigeria spurred the increase.

The West African country is the South African-headquartered operator’s largest market.

MTN disclosed the figures when it released its audited financial statements for the year ended 31 December 2021.

“Supported by the leading brand in Africa, strong market share positions, well invested connectivity networks and platforms as well as staff that are committed to our vision, we delivered strong growth and returns in the year under review,” said Group President and Chief Executive Officer, Ralph Mupita.

MTN meanwhile paid cash taxes of approximately R11 billion, supporting the fiscal resources of the nation states that it operates in, growing at 30,3 percent.

On the localisation front, it listed MTN Rwanda and MTN Uganda.

MTN completed the Series 1 public offer of 575 million shares in MTN Nigeria with over 6,6 million becoming shareholders.

The Group expects net proceeds of R3,6 billion from the public offer.

– CAJ News

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