MTN Group adds 2.5 m subscribers in Q3

MTN Group said it has added 2.5 million new subscribers in the third quarter, to serve 225.4 million people in 21 countries in Africa and the Middle East at the end of September.

Active data subscribers increased quarter on quarter by 5.0 million to 74.2 million, and active mobile money customers grew over the same period by 1.7 million to 25.8 million.

Group service revenue increased year on year by 10.0 percent in the first nine months, led by a 23.9 percent increase in group data revenue, the company announced in a trading update.

CEO Rob Shuter said the company saw an improved operational performance in many of its markets in the period, despite challenging operating and currency conditions.

The revenue growth was ahead of the group’s long-term target of high single-digit growth.

Reported capital expenditure to the end of the September was ZAR 16.4 billion, equal to 16.4 percent of revenues. The results exclude MTN Cyprus from end August, after completion of its sale.