MTN Group FY09 revenue up 9.2% to R111.9bn

Subscriber growth up 28% to 116 million

Communication services provider MTN Group has reported revenue of R111.9bn for the full year 2009, an increase of 9.2% compared to R102.5bn in 2008, largely driven by subscriber growth of 28% to 116 million from 2008.

South and East Africa revenue for the year was R39.7bn, a decrease compared to R37.5bn for 2008. West and Central Africa, Middle East and North Africa revenue was R50.5bn and R21.5bn, respectively.

The company's EBITDA for the year has increased by 6.7% to R46.1bn from 2008. South and East Africa EBITDA was down to R12.7bn from R12.9bn in 2008, West and Central Africa, Middle East and North Africa EBITDA was R27bn and R25.3bn, respectively.

For the full year ended December 31, 2009, the company has posted a net income of R17.2bn, an increase of 0.2% compared to a net income of R17.14 bn in 2008. Diluted earnings per share for the year were R0.78, a decrease of 3.1% compared to R0.8 last year.

Phuthuma Nhleko, president and CEO of MTN Group, said: “The solid performance of MTN operations in most of the countries in which the Group has a presence was achieved despite economic challenges, increased regulatory changes and growing competition.

“Continued delivery in accordance with an aggressive network rollout strategy remained key throughout 2009, enabling MTN to maintain or improve its market share in most of its operations. Better distribution and a focus on segmental product offerings were other contributory factors. As a result, subscribers increased by 28% to 116 million for the period under review, indicating a continuing demand for mobile services in countries where mobile penetration is still relatively low.”

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