MTN Revenues Up 9.2% As Profits Fall

South African mobile group MTN has posted net profit of ZAR14.65 billion (USD1.97 billion) for the full year ended 31 December 2009, down from ZAR15.32 billion a year earlier. CEO Phuthuma Nhleko said: ‘Movements in exchange rates in the year, mainly in the South African rand and Nigerian naira, had a substantially negative impact on the group's financial results.’

Meanwhile group revenues jumped 9.2% year-on-year as sales earned the company over ZAR111.95 billion in the twelve-month period, compared to ZAR102.53 billion in 2008.

Earnings before interest, tax, depreciation and amortisation (EBITDA) climbed form ZAR43.16 billion in the year ended 31 December 2008 to ZAR46.06 billion a year later. The company ended the year with 116 million mobile customers across its footprint, up from 90.65 million at the end of 2008.

The company expects growth to continue into 2010, forecasting 20 million net new additions by year-end, with its Nigerian and Iranian operations driving growth over the twelve month period, with net additions of six million and five million subscribers respectively.