MTN records R7bn loss off the back of naira slump
It's MTN's first loss since receiving a fine of more than $1 billion imposed on the company by the Nigerian government.
Stephen Grootes speaks to Ralph Mupita, CEO of MTN Group.
Listen to the interview in the audio player below.
Shares in the MTN Group ended the day strongly on Monday, despite the fact that its reported a loss of over R9 billion in the six months to the end of June.
That's after making a profit of over R8 billion in the previous six months.
This is MTN's first loss since receiving a fine of more than $1 billion imposed on the company by the Nigerian government.
The Group says the devaluation of the Nigerian currency and a civil war in Sudan have had a major financial impact on the company.
Africa's biggest telecommunications company has however highlighted some positives, such as its growth in the fintech space, with its revenue in the South African market up 59%.
Speaking to Stephen Grootes on The Money Show, Ralph Mupita, CEO of MTN Group, says despite the negative numbers, there are positives to build on.
"So when you strip out currency effects, and you look at the business in terms of our ability to capture the growth opportunities in our markets, and data and fintech are the big growth opportunities, you see very, very pleasing growth..." - Ralph Mupita, CEO - MTN
"So the real thing that impacted reported results from underlying results has largely been currency." - Ralph Mupita, CEO - MTN
"... But we're encouraged by the underlying performance. Our franchises are still strong, underlying. The Nigerian business had 42% data traffic..." - Ralph Mupita, CEO - MTN
Scroll to the top of the article to listen to the full interview.