By Ian Walker

MTN Group Ltd. said Thursday that service revenue rose 19% in the third quarter, citing strong operational execution and commercial momentum.

The South Africa-based telecommunications group said earnings before interest, taxes, depreciation and amortization rose 24%, with Ebitda margin 2.1 points higher at 45%.

The number of subscribers rose by 200,000 to 271.9 million, but this was affected by new SIM registration regulations in Nigeria, the company said. Excluding Nigeria, subscribers rose 1.6 million in the period.

Still, the company said it expects more positive numbers to resume in the fourth quarter as more centers in Nigeria get SIM registration certification.

The company said it plans to proceed with the sale of 575 million shares in MTN Nigeria Communications Ltd. via a bookbuild process. The bookbuild is expected to close next month.

The sale is part of the company's plan to reduce its shareholding in MTN Nigeria. It currently owns around 14%.

Write to Ian Walker at ian.walker@wsj.com

(END) Dow Jones Newswires

11-04-21 0214ET