MTN CEO Rob Shuter forecasts dividend growth of up to 20% a year
MTN may exit markets that are not self-funding, as CEO Rob Shuter reviews the 22 countries in which it operates. Africa’s largest cellphone company by sales will also look at opportunities for expansion, potentially resulting in "some shifts in the current portfolio", the carrier said in a statement on Thursday. MTN’s biggest markets are Nigeria, Iran and SA, but the company also has licenses in small or war-torn countries such as South Sudan and Syria. Reporting his first full-year results since becoming CEO, Shuter said the focus for 2018 was to slightly lower capital expenditure while setting a longer-term sales-growth target of a percentage in the upper single digits, driven by Nigeria. He also envisages dividend growth of as much as 20% a year, after cutting the payout for 2018 to R5 a share from R7 in 2017. The shares jumped 3.6% on the JSE, the most in almost two weeks, to R127.04 as at 9.42am. That values the company at R239bn. MTN’s new targets come as it returned to full-y...
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