Cellular research Africa

MTN Group (MTN) 1H23 – Results Snapshot

Diluted HEPS of 531.0 cps (1H22: 492.0 cps)
Revenue growth of +16.1% y-y (1H22: +12.5% y-y). Revenue increased by 14.8% y-y on a constant currency basis.
No dividend (1H22: nil).
EBITDA margin down to 43.2%. (1H22: 45.0%)
Operating margin declined by -110bps to 25.9% (1H22: 27.0%).
PBT % declined to 16.2% (1H22: 19.1%).
Total costs increased to R64.5bn. Total costs as a percentage of revenue increased to 56.9% (1H22: 55.3%).
High inflation and foreign exchange depreciation were the main contributors of elevated costs.
Subscriber base increased 3.6% y-y to 291.7m, with active data subscribers up 7.4% y-y to 139.5m.