MTN Group Announces Preliminary H1 2024 Financial Results and Sale of Guinea-Bissau Subsidiary

MTN Group, Africa’s leading mobile network operator, is in the final stages of preparing its financial results for the six months ending June 30, 2024 (H1 24). The preliminary outlook indicates a significant decrease in earnings per share (EPS) and headline earnings per share (HEPS) compared to the same period last year. MTN expects EPS to decline by 175% to 185%, translating to a loss of 434 to 383 cents per share, down from a profit of 511 cents per share in H1 2023. Similarly, HEPS is expected to fall by 140% to 150%, resulting in a loss of 271 to 217 cents per share, down from 542 cents per share in H1 2023.

Despite these anticipated declines, MTN Group continues to make strategic moves in its portfolio. The company has successfully concluded the sale of its small West African subsidiary, Spacetel Guinea-Bissau S.A. (MTN Guinea-Bissau), after receiving all necessary regulatory approvals. This divestment aligns with MTN’s strategy to optimize its portfolio and focus on core markets.

MTN Group’s comprehensive H1 24 financial results are scheduled to be released on the Stock Exchange News Service (SENS) on or around Monday, August 19, 2024.