On Monday, South Africa’s MTN Group reported a 33% jump in first-quarter core profit due to strong service revenue growth, lower device cost of sales in its domestic market, and a more stable macroeconomic environment.
Per Reuters, the group’s earnings before interest, tax, depreciation and amortisation (EBITDA) jumped 33% on a constant-currency basis in the first quarter ended March 31, reflecting a 5.3 percentage point increase in margin to 44.1%.
Similarly, the group’s service revenue increased 10.4% overall in the quarter, or by 19.8% in constant currency, buoyed by a 40.4% growth in MTN Nigeria and 39.5% growth in MTN Ghana. MTN South Africa has, however, continued to face challenges.
