By Anthony O. Goriainoff


MTN Group Ltd. said Wednesday that 2021 net profit fell, and raised its targets for group revenue growth rate and returns.

The South Africa-based telecommunications group made a net profit of 13.75 billion South African rand ($899 million) compared with ZAR17.02 billion in 2020.

Headline earnings per share came in at ZAR9.87 compared with ZAR7.49 last year.

EPS fell 19% to ZAR7.63. This was due to impairment losses of ZAR0.64 relating mainly to MTN Yemen and derecognition losses relating to MTN Syria of approximately ZAR2.62, the company said.

Pretax profit for the company was ZAR28.82 billion compared with ZAR29.09 billion.

Revenue rose to ZAR181.65 billion from ZAR179.36 billion, while group service revenue grew 18% to ZAR171.8 billion, the company said.

The board declared a dividend of ZAR3.00 and said it will pay a minimum ordinary final dividend of ZAR3.30 for 2022.

MTN said its outlook will continue to be shaped by the macroeconomic conditions in South Africa, and their impact on consumer behavior.

The company said it expects capital expenditure in 2022 to be ZAR34.4 billion, and that it expects capex intensity to decelerate over the medium term as the business grows.


Write to Anthony O. Goriainoff at anthony.orunagoriainoff@dowjones.com


(END) Dow Jones Newswires

03-09-22 0151ET