MTN Nigeria delivered a strong first-half performance to June 30, with sustained commercial momentum, improved profitability and robust cash generation
MTN Group's share price fell hard on the JSE on Friday even though it said its biggest subsidiary, in Nigeria, delivered a strong performance in the six months to June 30, and after its business in Ghana said it is facing legal action in a dispute about mobile money intellectual property rights.
MTN's share price fell by the most on the JSE on Friday, after trading 9.4% lower at R208.30 late in the afternoon. A year before, the share price was trading at R155.26.
“We delivered a strong first-half performance, with sustained commercial momentum, improved profitability and robust cash generation. This reflects the resilience of demand for our services, disciplined execution across the business and continued focus on efficiency in a challenging operating environment," said MTN Nigeria CEO Karl Toriola in the interim results.
Meanwhile, on July 28, Ghana technology company Clydestone Ghana announced it had filed a lawsuit at the High Court in Accra against MTN Ghana, MTN Group and MobileMoney Fintech. MTN Group on Friday denied claims made by the Ghanaian technology company, insisting the allegations are without merit and will be vigorously contested.
