MTN to sell off stake in Syria as it plans to exit Middle East

accreditation
Rob Shuter, hoof van MTN. Foto: Getty Images
Rob Shuter, hoof van MTN. Foto: Getty Images

Mobile operator MTN plans to exit the Middle East over the medium term and will focus on its operations in Africa, the group said in a report on its half-year earnings.

"As part of our ongoing portfolio review, we believe the group is best served to focus in the future on our pan-African strategy. We will therefore be exiting the Middle East in an orderly manner over the medium term," said CEO Rob Shuter.

The group is in talks to sell off its 75% take in MTN Syria, to minority shareholdler TeleInvest which currently has  a 25% stake.

The report showed that Middle East assets contributed to less than 4% to group EBITDA in the first half of the year, with the war torn Syrian operations specifically contributing 0.7%.

During the period, MTN managed to grow revenue of 9.4% to R80 billion, with EBITDA growing 10.9% to R42 billion. Reported group headline earnings per share more than doubled to 430 cents.  Profit after tax increaed 145% to R13.34 billion.

The group also managed to complete the disposal of tower company investments in Ghana and Uganda, valued at R8.8 billion.

MTN did not declare an interim dividend, given the uncertain impact of the Covid-19 pandemic on the operating environment, it said.

A final dividend will be considered, if the conditions warrant it.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
16.68
-0.1%
Rand - Pound
20.09
-0.1%
Rand - Euro
16.96
-0.0%
Rand - Aus dollar
11.56
-0.1%
Rand - Yen
0.12
-0.1%
Gold
1,764.23
+0.1%
Silver
19.70
-0.5%
Palladium
2,138.23
-0.3%
Platinum
923.20
-0.7%
Brent Crude
93.65
+1.4%
Top 40
64,168
0.0%
All Share
70,967
0.0%
Resource 10
63,227
0.0%
Industrial 25
87,430
0.0%
Financial 15
16,160
0.0%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders