South Africa's MTN flags 2019 profit jump of up to 50% [Reuters]
MTN GROUP LTD S/ADR (MTNOY)
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Source: Reuters
South Africa's MTN flags 2019 profit jump of up to 50% JOHANNESBURG (Reuters) - South Africa’s MTN Group expects full-year headline earnings to rise as much as 50%, it said on Tuesday, still a slowdown from the previous year due to one-off items including interest on regulatory fines in Nigeria. Founded with the South African government’s help after the end of apartheid in 1994, MTN has been touted as one of South Africa’s biggest corporate success stories, but clashes with regulators have distracted management and crimped growth. Oil-rich Nigeria accounts for nearly a third of MTN’s core profit, but it has posed a raft of problems for the firm in recent years. MTN Nigeria has been dealing with a 330 million naira ($1.1 million) fine for failing to cut off more than 5 million unregistered SIM cards, a substantial reduction from the original 1.04 trillion naira penalty handed down in 2015. In 2018, the group agreed to pay $53 million to resolve a dispute with the Central Bank of Nigeri
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