MTN Group expects earnings to be under pressure for the rest of the year in its two main markets Nigeria and South African market, the company said on Wednesday, citing a weak exchange rate in Africa's biggest economy.
Telecom company sees pressure on profit margins in South Africa, Nigeria
MTN said it was still negotiating a $3.9 billion fine by Nigerian authorities as the west African country.
Travellers walk past an MTN telecom shop at King Shaka International Airport in Durban, South Africa, November 16, 2015.
Africa's biggest mobile network operator by subscribers said in statement that weak economic growth in its key markets and tough competition could also negatively impact performance.
Nigeria is pushing telecoms firms to verify the identity of subscribers amid worries that unregistered SIM cards were being used for criminal activity in a country still battling with Islamic militant group Boko Haram.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
UNN to reduce unemployment among Nigerian graduates through mentoring
AGF calls for strong internal controls to curb financial mismanagement
Tariff has been hiked with no improvement - Abuja residents decry power outage
Emefiele's trial adjourned to June 24, key witness cross-examined
Former ECOWAS Court VP slams EFCC chairman's handling of Yahaya Bello case
Let’s drill 200k boreholes across the country — Obi begs wealthy Nigerians
Ondo 2024: Ex-governor's brother emerges gubernatorial candidate
UK varsity rolls out tuition, travel-free scholarship for Nigerian students
President Biden signs law to potentially ban TikTok if not sold
ADVERTISEMENT