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.
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
Parents put 3-month-old baby up for adoption so they can focus on work
Tinubu assures of more policies for nation’s industrialisation
Pelumi Nubi’s London-to-Lagos journey and West Africa’s border realities
Kano govt clears the air on alleged stray bullet incident involving journalist
Kebbi Gov won't hesitate to sign death warrant of convicted bandits' informants
Blackout hits Tanzania as Cyclone Hidaya makes landfall, Kenya braces itself
Popular footballer arrested over robbery that left 1 dead as police dismantle gang
When fire started on a boat, the captain was first to escape — 34 passengers died
Some Nigerians in public, private organisations using fake certificates - FG
ADVERTISEMENT