MTN Group publishes Q3 trading update: service revenue up as subs hit 273.4m

30 Oct 2020

Emerging market mobile operator MTN Group has released its quarterly update for the period ended 30 September 2020, highlighting that the total number of subscribers across its 21 markets of operation totalled 273.4 million at that date, a net increase of twelve million, as service revenue increased by 11.4% on an annualised basis. The South Africa-based regional carrier noted too that customers to its MTN Mobile Money (MoMo) service increased by a net 3.5 million to 41.8 million, while active data subscribers increased by 5.3 million to 107.2 million.

Commenting on the Group’s performance, president and CEO Ralph Mupita said: ‘As the COVID-19 pandemic has continued to impact lives and livelihoods across our markets, the group has demonstrated strong operational execution and resilience during the period under review. Although trading conditions remain challenging, we delivered a solid performance in Q3 2020, during which the positive momentum achieved in key traffic and revenue trends towards the end of H1 2020 was sustained … The group results were supported by the strong performance of our larger operations. MTN South Africa sustained its turnaround, with an acceleration in its core consumer and enterprise business units in Q3. MTN Nigeria recorded a solid result with some recovery in revenue growth under difficult operating conditions and MTN Ghana’s continued strong operational execution drove the delivery of another good performance.’

South Africa, MTN Group