MTN to take hits from Yemen and Syria exit

Publish February 21, 2022

Losses suffered by MTN as a result of the Yemen and Syria exit contributed to the earnings per share dip of between 15% and 25% in the 2021 financial year, the telecoms giant said on saturday.

MTN cut off its business in the troubled market as part of its strategy of leaving the Middle East region to focus on African markets.

The company said earnings per share include impairment losses totalling approximately 64 cents, from 61 cents in 2020 'that relate mainly to MTN Yemen, largely non-cash losses from the deconsolidation of subsidiary MTN Syria of approximately 262 cents'.

The annual financial results are expected to be out on 9 March. The mobile operator plans to unveil its revamped brand identity later this month, which it said aligns with its 'Ambition 2025' strategy.

An increase in headline earnings per share (HEPS) of between 25% and 35% is expected.

Adding to the hit on MTN were several non-operational and once-off items, such as hyperinflation excluding impairments, foreign exchange losses and donations related to Covid-19 support for the Africa Centre for Disease Control and Prevention and the Coalition Against Covid task force in Nigeria.

MTN shares peaked at R186.75 in early morning trade, after opening at around R180.


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