We Recorded Strong Operational Delivery and Strategic Progress in Q3 – MTN

Telecommunication giant, MTN Group, said it recorded strategic growth in Q3 of 2021. In a statement released on the Group’s website, MTN Group President and CEO, Ralph Mupita, praised the achievement of the company for the quarter.

“It’s been a busy quarter, and I am particularly pleased with the sustained operational momentum across our businesses. Material progress was made in accelerating the deleveraging of the holding company balance sheet. Our asset realisation programme and portfolio optimisation priorities are also progressing well. The process of structurally separating our fintech and fibre assets remains on track,” the CEO was quoted to have said.

It was also stated in the released statement that at the period under consideration, Q3, the group subscriber base was at 272 million.

The release also said that the Group advanced its financial inclusion, reaching 51 million mobile money customers in 16 markets. They also processed almost 20,000 transactions a minute in the quarter.

Recall that last week, MTN Nigeria announced plans to sell 14% of its shares to local investors. This plan, according to the fresh release, was meant to further localised 14% of the Group’s holding in Nigeria over a medium term. And like in Nigeria, the company also gladly stated its intention to sell 20% of its holding in Uganda.

MTN Group’s service revenue ramped up 19.1% in the first nine months of the year. Data and fintech service revenue increased by 34.5% and 35.0% respectively. Earnings before interest and tax, depreciation and amortisation increased by 24.1%.

According to the CEO of the Group, MTN perfectly understands the vital importance of telecommunication. The company understands that people rely on it for information, for work, for learning and for entertainment. The telecommunication company is therefore doing everything to improve its services to their numerous customers especially in relation to the gap that COVID19 has created in the world.