MTN Group Backs Midterm Views Despite Earnings Decline
By Michael Susin
MTN Group backed its medium-term targets despite warning of increased headwinds after a sharp drop in earnings.
The South Africa-based telecommunications group said Monday that it expects service revenue percentage growth for the medium term to be at least in the mid-teens in constant currency terms.
However, it said elevated volatility increased headwinds and added material uncertainty to the outlook.
MTN reported an increase in service revenue for 2023 to 210.1 billion South African rand ($11.06 billion) from ZAR196.5 billion a year ago.
Earnings before interest, taxes, depreciation and amortization slightly fell to ZAR90.5 billion from ZAR90.8 billion, mainly due to higher inflation and the effects of foreign-currency devaluations.
Basic earnings per share slumped to ZAR2.27 from ZAR10.54, and headline EPS dropped to ZAR3.15 from ZAR11.37.
The board declared a final dividend of ZAR3.30, flat on a year ago.
Write to Michael Susin at michael.susin@wsj.com
(END) Dow Jones Newswires
March 25, 2024 02:26 ET (06:26 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
What’s the Difference Between the CPI and PCE Indexes?
-
Micron Earnings: Great Guidance but Stock Now Looks Fairly Valued
-
August PCE Report Forecasts Show More Good News on Inflation
-
AI Stocks May Be Down, but Don’t Count Them Out
-
4 Stocks to Buy as the Fed Cuts Interest Rates
-
Markets Brief: The Uncertain Path to Neutral Interest Rates
-
What’s Happening in the Markets This Week
-
Where Top Stock Fund Managers Are Looking Next After the Fed Rate Cut
-
Our Top Pick for Investing in US Renewable Energy
-
Undervalued by 25% and Yielding 5%, This Stock Is a Buy
-
Can AI Predict Future Stock Returns?
-
The Best Energy Stocks to Buy Now
-
10 Undervalued Wide-Moat Stocks
-
Obesity Drugs: Can New Firms Take Market Share From Eli Lilly and Novo Nordisk?
-
New 4-Star Stocks
-
Intel Fair Value Left Unchanged Despite Qualcomm Takeover Talk