• Contact Us
  • About Us
Monday, May 12, 2025
  • Login
MetroBusinessNews
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate
No Result
View All Result
MetroBusinessNews
No Result
View All Result
ADVERTISEMENT
Home Companies and Markets

MTN swings to first annual loss in 20 years after Nigeria fine

metro by metro
March 2, 2017
in Companies and Markets
0
0
SHARES
0
VIEWS

Africa’s biggest mobile phone operator MTN Group swung to its first annual loss in two decades on Thursday, hit by a regulatory fine in Nigeria and unfavourable currency moves but its shares soared after it kept a dividend.

MTN agreed to pay a fine of 330 billion naira ($1.1 billion), reduced from $5.2 billion, in June last year after a prolonged legal battle to end a dispute in Nigeria over missing a deadline to cut off unregistered SIM cards.

Read Also

Shares Dither, Oil Slides As Tariffs Fan Growth Worries

Oil Rebounds As Ukraine Ceasefire Deal Remains Elusive

NGX Group, CSCS, Others Rally Stakeholders On Gender Equality In Nigeria

The fine by Nigeria, MTN’s most lucrative but increasingly problematic market, wiped 10.5 billion rand ($768 million) – 500 cents per share – from the firms 2016 headline earnings, South Africa’s main measure of profit.

But MTN shares rose nearly 10 percent after Africa’s largest mobile network operator said it would pay a total dividend of 700 cents a share despite the loss, compared with 1,310 in 2015.

MTN also said it expects to keep it at 700 cents in 2017.

“They indicated that they will sustain a dividend of 700 cents, which investors see as a positive,” Avior Capital Markets trader Mark Hodgson told Reuters.

MTN said its headline loss came in at 1.4 billion rand ($108 million), or 77 cents per share last year, with headline earnings of 13.6 billion rand, or 746 cents per share, in 2015.

MTN woes in Africa’s most populous nation and biggest economy still persist, with the company facing an investigation by Nigerian lawmakers for allegedly illegally repatriating $14 billion between 2006 and 2016.

MTN has denied any wrongdoing.

Founded with Pretoria’s help after the end of white rule in 1994, MTN is seen as one of post-apartheid South Africa’s biggest commercial successes but clashes with regulators in recent years have exposed governance issues and hobbled growth.

MTN, which has operations in Iran, said it expects to add 8.3 million new users in the 2017 financial year, a document handed out at its results presentation showed.

The firm said its total subscribers increased by 3.3 percent or 7.7 million to 240 million in the year to end-December.

 

Tags: MTN
Previous Post

MTN says accusations of illegally moving money out of Nigeria have no basis

Next Post

Presidential panel accuses NDDC, Customs of corruption

Related Posts

Shares Dither, Oil Slides As Tariffs Fan Growth Worries
Companies and Markets

Shares Dither, Oil Slides As Tariffs Fan Growth Worries

April 30, 2025
Oil Prices Down On Swelling US Crude Stocks, Easing Middle East Tensions
Companies and Markets

Oil Rebounds As Ukraine Ceasefire Deal Remains Elusive

March 14, 2025
Companies and Markets

NGX Group, CSCS, Others Rally Stakeholders On Gender Equality In Nigeria

March 9, 2025
Trump
Companies and Markets

Trump Signs Order To Establish Strategic Bitcoin Reserve

March 7, 2025
Next Post

Presidential panel accuses NDDC, Customs of corruption

Discos Accuse FG Of Expropriation, Say Action worsening Failure Of Sector, Breach Of Extant Laws

FG Begins Overhaul Of ‘UnderPerforming’ DisCos

May 12, 2025
Nigerians, Others To Wait For 10 Years To Apply For Citizenship As UK Tightens Immigration Rules

Nigerians, Others To Wait For 10 Years To Apply For Citizenship As UK Tightens Immigration Rules

May 12, 2025
FTS: Concerns Over Kogi ‘Budget Paradox’ Amid Rising Enviromental, Social Risks

Concerns Over Kogi Proposed Airport As Analyts Show Poor State Of Existing Projects 

May 12, 2025
MetroBusinessNews

© 2022 Metro Business News

Navigate Site

  • Contact Us
  • About Us

Follow Us

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • Economy
  • Politics
  • News
  • Companies and Markets
  • Energy
  • Sports
  • Real Estate

© 2022 Metro Business News

Go to mobile version