By Anthony O. Goriainoff
MTN Group Ltd. said Thursday that net profit for the first half rose and that it was exiting its assets in the Middle East.
The South Africa-based telecommunications group said that its future focus was on a pan-African strategy and that it was in advanced discussions to sell its 75% stake in MTN Syria.
The company said that it was backing its guidance for the year of double-digit growth in group service revenue on constant-currency terms, double-digit growth in MTN Nigeria's service revenue and mid-single-digit growth in service revenue from MTN South Africa.
It added that it was raising its capital expenditure guidance for the year to at least 24.0 billion South African rand ($1.39 billion), from ZAR22.0 billion previously.
For the six months ended June 30 MTN Group said it made net profit of ZAR12.12 billion compared with ZAR4.43 billion for the first half of 2019.
Revenue for the period was ZAR84.08 billion compared with ZAR72.51 billion the year before.
The company added 10.6 million subscribers since the start of the year, taking its total to 261.5 million.
MTN Group said that due to the coronavirus pandemic there would be no interim dividend.
Write to Anthony O. Goriainoff at email@example.com