South Africa's MTN Group has set aside around $600 million to cover the potential settlement of a fine in Nigeria, it said on Thursday, as it posted a more than 50 percent drop in annual profit.
Telecom giant sets aside $600 mln for Nigeria fine, FY profit drops
Africa's biggest wireless phone company is in talks with Nigerian authorities to reduce a $3.9 billion fine imposed last year for failing to cut off unregistered SIM card users.
Travellers walk past an MTN telecom shop at King Shaka International Airport in Durban, South Africa, November 16, 2015. REUTERS/Rogan Ward
MTN said headline earnings per share (EPS) came in at 746 cents in the year to end-December compared with 1,536 cents a year earlier.
Headline EPS is the main profit measure in South Africa that strips out certain one-off items.
The company raised it annual dividend by 5.2 percent to 1,310 cents per share.
JOIN OUR PULSE COMMUNITY!
ADVERTISEMENT
Eyewitness? Submit your stories now via social or:
Email: eyewitness@pulse.ng
Recommended articles
APC uncover how Kano govt mobilises protest against Ganduje in Abuja
Governor Mbah swears in new ENSIEC officials, stresses on credible service
New minimum wage announcement on May Day not feasible - TUC president
Yahaya Bello: School writes EFCC to refund $760k fees paid for ex-Kogi gov's children
Cross River Govt to compensate Calabar/Itu property owners with ₦400m
Tinubu is not afraid to make tough decisions even if they bring hardship
Anambra Govt to distribute new malaria vaccine, aims for malaria-free State
Commuters trek to work - Fuel hike halts Kaduna motorcyclists services
TETFund denies corruption allegation, vows to sanitise tertiary education system
ADVERTISEMENT