PODCAST | MTN finance chief talks about interim results
Business Day Spotlight speaks to Tsholofelo Molefe, group CFO at MTN
23 August 2024 - 14:00
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MTN Group CFO Tsholofelo Molefe. Picture: SUPPLIED.
MTN’s financial performance for the six month to end June 2024, is the focus of this edition of Business Day Spotlight.
Host Mudiwa Gavaza is joined by Tsholofelo Molefe, group CFO at MTN.
The finance chief explains that despite having solid underlying performance in the period, macro headwinds affected operating results.
The group reported a headline loss per share of 256c for the six months to end-June from headline earnings per share (HEPS) of 260c a year ago. No interim dividend was declared.
Group earnings before interest, tax, depreciation and amortisation (ebitda) before one-off items was down 41.2% in reported currency at R29.046bn. Group service revenue was 20.8% lower at R85.3bn and total subscribers increased by 0.8% to 288-million.
Devaluation in the naira against the dollar and the ongoing conflict in Sudan had the biggest effect.
Join the discussion:
To illustrate, she said that group service revenue had grown by 12.1% in constant currency. “But if you look at it on a reported basis, we saw a decline on [the] top line of 20.8%, and part of the reason for that is most of the local currencies were weaker against our reporting currency, which is the rand.
Through the discussion, Molefe outlines the company’s interim results, challenges that pulled down earnings, the effect of weaker currencies and the group’s strategy to weather the current storm.
• Business Day Spotlight is a MultimediaLIVE Production.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
BUSINESS DAY SPOTLIGHT
PODCAST | MTN finance chief talks about interim results
Business Day Spotlight speaks to Tsholofelo Molefe, group CFO at MTN
MTN’s financial performance for the six month to end June 2024, is the focus of this edition of Business Day Spotlight.
Host Mudiwa Gavaza is joined by Tsholofelo Molefe, group CFO at MTN.
The finance chief explains that despite having solid underlying performance in the period, macro headwinds affected operating results.
The group reported a headline loss per share of 256c for the six months to end-June from headline earnings per share (HEPS) of 260c a year ago. No interim dividend was declared.
Group earnings before interest, tax, depreciation and amortisation (ebitda) before one-off items was down 41.2% in reported currency at R29.046bn. Group service revenue was 20.8% lower at R85.3bn and total subscribers increased by 0.8% to 288-million.
Devaluation in the naira against the dollar and the ongoing conflict in Sudan had the biggest effect.
Join the discussion:
To illustrate, she said that group service revenue had grown by 12.1% in constant currency. “But if you look at it on a reported basis, we saw a decline on [the] top line of 20.8%, and part of the reason for that is most of the local currencies were weaker against our reporting currency, which is the rand.
Through the discussion, Molefe outlines the company’s interim results, challenges that pulled down earnings, the effect of weaker currencies and the group’s strategy to weather the current storm.
• Business Day Spotlight is a MultimediaLIVE Production.
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