MTN Group releases strong Q3, 2021 results

MTN Group released strong results for the quarterly period, ended 30 September 2021. The group’s service revenue was up by 19.1% compared to the previous comparable period. Contributions from data revenue went up by 34.5%, and revenue from the fintech services was up by 35.0%.

Ralph Mupita, the Group President and CEO, commended the strong Q3 performance while acknowledging the impacts of the ongoing pandemic. “The MTN Group recorded a solid Q3 2021 trading performance, tracking positively against our medium-term targets with double-digit service revenue growth and the expansion of EBITDA margin,” he said.

Key drivers

key commercial metrics were resilient in Q3. The group recorded a 52.6% growth in overall data traffic on a year-on-year basis. Data traffic was up 57.2% for MTN SA, MTN Nigeria recorded an increase of 85.5%, and MTN Ghana was up 52.2%, all on a year-on-year basis.

The fintech division experienced a 40.8% growth in transaction volumes, year-on-year. Transactions in U.S Dollar terms were up 67.2%. MTN continues to promote adoption in some of its markets through zero-rated transaction fees for some services.

Results summary

  • Group service revenue up by 19.1%
    • Group data revenue up by 34.5%
    • Group fintech revenue up by 35.0%
  • Group earnings before interest, tax, depreciation, and amortization (EBITDA) up by 24.1%
  • Group EBITDA margin improved to 45.0% (from 42.9%)
  • MTN South Africa service revenue up by 7.7%, with an EBITDA margin of 41.6% (from 39.3%)
  • MTN Nigeria service revenue up by 23.5%, with an EBITDA margin of 52.6% (from 51.1%)
  • Subscribers increased by 0.2 million to 271.9 million, impacted by new SIM registration regulations in Nigeria (ex-Nigeria subscribers were up 1.6 million)
  • Active data subscribers increased by 4.1 million to 119.0 million
  • Active MTN Mobile Money (MoMo) customers increased by 2.2 million to 51.1 million
  • MoMo value of transactions up by 67.2% YoY to US$175.5 billion

You can download MTN Group’s results HERE.