Sharenet Sites 
Sharenet Sites
Summary of MTN Ghana unaudited results
MTN Group Limited
(Incorporated in the Republic of South Africa)
(Registration number 1994/009584/06)
(Share code MTN)
(ISIN: ZAE000042164)
(“MTN” or “MTN Group”)
Summary of MTN Ghana unaudited results for the six months ended 30
June 2019
Salient features
- Subscribers
- Subscribers increased by 6.2% to 21.3 million (active
subscribers up by 6.1% to 18.9 million*).
- Data subscribers increased by 16.1% to 18.2 million (active
data subscribers up by 15.0% to 7.4 million#).
- Registered Mobile Money subscribers increased by 4.1% to 14.2
million (active Mobile Money subscribers up by 2.0% to 8.5
million*).
- Service revenue for the period to June 2019 is up by 18.8% when
compared to prior period. A 27.9% growth was achieved for the period
to June 2018 when compared to the same period in 2017.
- EBITDA up by 50.3% to GH¢ 1,202 million (up by 23.8% to GH¢ 990
million under IAS 17).
- EBITDA margin up by 10.4 percentage points (pp) to 49.5% (up by 1.7
pp to 40.8% under IAS 17).
- Capex for the period was GH¢ 803 million1 (GH¢ 769 million under IAS
17).
- Interim dividend of GH¢0.02 per share.
IFRS 16 and IAS 17 comparison
IFRS 16 as at IAS 17 as at IAS 17 as at
30 June 2019 30 June 2019 30 June 2018
GH¢m GH¢m GH¢m
EBITDA 1,202 990 800
EBITDA margin % 49.5% 40.8% 39.1%
Capex 8031 769 499
Profit before 627 673 572
tax
Profit after tax 453 482 411
1 Capex under IFRS 16 is made up of Capex spend (GH¢769m) and ROU assets (GH¢34m) for the period.
1
* Aligned with the MTN Group definition, subscribers are SIMs which generate or participate in an event that generates revenue
for the company. Out of bracket numbers conform to the respective regulator subscriber definition.
# Active data subscribers as per MTN Group definition and respective regulator definition.
MTN Ghana delivered a strong performance for the period. Service
revenue increased by 18.8% for the six-month period to June 2019 when
compared with prior period, supported by the continued expansion in
voice, data and mobile financial services. Solid voice revenue growth
(up 14.8%) benefited from a 6.1% increase in our active subscriber*
base, smart value propositions and continued improvements made to our
network. Data revenue grew 27.7% in a competitive environment and was
attributable to an increase in active data users# (+15.0%) and an
increased number of smartphones on the network. MTN Mobile Money
revenue increased by 53.3% for the six-month period to June 2019 when
compared with prior period and was mainly attributable to a higher
number of person-to-person (P2P) transactions as well as good growth
in more advanced services such as retail merchant payments.
Earnings before interest, tax, depreciation and amortization (EBITDA)
grew by 50.3% with an EBITDA margin expansion of 10.4 percentage
points (pp) to 49.5%. Under IAS 17 and adjusting for the management
fee, the like-for-like EBITDA margin expanded by 3.9 pp to 43.0% (2018
EBITDA margin: 39.1%). This was supported by savings in dealer
commissions arising from an increase in electronic airtime sales and
lower interconnect costs.
We continued to invest in our network and rolled out 280 2G, 557 3G,
900 4G and 100 rural telephony sites.
2019 is our ‘year of the customer’ and MTN Ghana will continue to
pursue its BRIGHT strategy through the third quarter with the prime
focus on customer experience and creating value for shareholders.
* Aligned with the MTN Group definition, subscribers are SIMs which generate or participate in an event that generates revenue
for MTN. Out of bracket numbers conform to the respective regulator subscriber definition.
# Active data subscribers as per MTN Group definition and respective regulator definition.
This announcement is only a summary of the information in the full
announcement and does not contain full or complete details. Please
2
visit https://mtn.com.gh/investors/annual-and-quarterly-financials
for the unaudited results for the six months ended 30 June 2019.
Fairland
05 August 2019
Lead sponsor
JP Morgan Equities (SA) Proprietary Limited
Joint sponsor
Tamela Holdings Proprietary Limited
3
Date: 05/08/2019 07:05:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE').
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct,
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
information disseminated through SENS.
