MTN Nigeria to report N190bn profit for 2015


MTN Group, Africa’s largest phone company, said a 2015 profit of N190 billion ($955 million) for its Nigerian unit reported by a newspaper is within the company’s current estimates, Bloomberg has reported. MTN, which is facing a $3.9 billion fine from regulators in the West African country, is still completing its audit and has yet to finalise the financial results for the period ended December 31, the Johannesburg-based company said in a statement on yesterday.

The after-tax profit was reported on Monday by the Lagos-based newspaper, which cited documents obtained from an unidentified person at the Nigerian Communications Commission.

MTN is challenging the fine in Nigeria, its biggest market, which was imposed by the Nigerian telecommunications regulator for failing to meet a deadline to disconnect 5.1 million unregistered subscribers.

The company had about 62.5 million subscribers in Nigeria at the end of September, almost a quarter of its 233 million customers.

MTN rose 1.1 per cent to 121.87 rand a share at 12:24 p.m. in Johannesburg. The stock has dropped 40 per cent in the past 12 months, compared with a 2.9 per cent decline in the FTSE/JSE Africa All Shares Index.