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MTN feeling the pressure, despite 10% growth

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MTN says the current poor economic activity in South Africa has put pressure on its financial performance.

However, the telecom giant reported a 10% increase in group revenue in the first half of the year, underpinned by strong growth in it Nigerian market.

The second largest mobile operator added 7.7 million subscribers in the 6 months, giving it a total of 240 million customers.

Having successfully listed its long-awaited Nigerian business of the Nigeria Stock Exchange, the entity is looking to mend relations.

The company is still struggling to resolve a 2.2-billion dollar tax in that country, which grew earnings by 16%.

“We added more than 3 million customers in Nigeria in the last six months. We have been operating in the country for more than 18 yrs. It was big event to finally list there. We expect the business to move from strength to strength. We intend to sell further shares to Nigerian investors in the future once we have resolved out challenges there,” says MTN CEO Rob Shutte.

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