MTN Reports Strong Q3 Earning Despite "Tough" Market Conditions
The MTN Group said its had recorded better than expected quarter three earning driven by more robust subscriber growth and despite a desperate market condition spurred by the pandemic. According to the MTN financial report, the excellent performance has been led by operations from the Nigerian, Ghanaian and South African market.
The Q3 financial report indicated that MTN's service revenue grew by 11.4% to just over US$ 2.6 billion and earnings before tax, depreciation and amortisation (EBIDTA) went up by almost 14%. Details show that the company saw a 4% growth in its voice revenues whilst data services jumped by nearly 32%.
The Group's report also shows a growth of 21% in Fintech revenue and just under 38% bounce for its overall digital services offering.
Commenting on the quarter's financial statement, the chief executive for MTN Group stated that "As the COVID-19 pandemic has continued to impact lives and livelihoods across our markets, the group has demonstrated strong operational execution and resilience."
He also noted that the company growth in the voice business "reflects an encouraging recovery supported by the easing of lockdown restrictions," and the massive leap in the data services business was a result bolstered by increased demand for work-from-home services, digital entertainment as well as online education offerings."