MTN Group, Africa's biggest cellphone operator, returned to first-half profit yesterday, marking a move away from a turbulent 2016 that highlighted the risks of the company's emerging markets strategy.
The results were bolstered by the absence of charges related to a $1.1-billion fine imposed by Nigerian authorities last year in a long-running dispute over unregistered SIM cards.
"These numbers give us hope for the future. It's a very encouraging platform upon which to build our strategy," said Rob Shuter, MTN's CEO.
MTN, which operates in more than 20 countries in Africa and the Middle East, said headline earnings came in at R3.9-billion, or 212c per share, in the six months to end June compared with a loss of R4.9-billion, or 271c per share, a year earlier.
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