Close Menu
TechCentralTechCentral

    Subscribe to the newsletter

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Facebook X (Twitter) YouTube LinkedIn
    WhatsApp Facebook X (Twitter) LinkedIn YouTube
    TechCentralTechCentral
    • News
      Discovery ranks cybercrime as its top risk, citing frontier AI

      Discovery ranks cybercrime as its top risk, citing frontier AI

      21 October 2026
      Treasury backs down on crypto rules after 'thousands' of comments - Enoch Godongwana

      Treasury backs down on crypto rules after ‘thousands’ of comments

      21 October 2026
      Godongwana cuts fuel levy again, with diesel getting the bigger break

      Godongwana cuts fuel levy again, with diesel getting the bigger break

      21 October 2026
      Bolt EVs hit Sandton and the OR Tambo airport run

      Bolt EVs hit Sandton and the OR Tambo airport run

      21 October 2026
      Treasury puts R150-million behind MyMzansi government app - Enoch Godongwana

      Treasury puts R150-million behind MyMzansi government app

      21 October 2026
    • World
      OpenAI turns the tables on Apple in trade secrets fight

      OpenAI turns the tables on Apple in trade secrets fight

      15 October 2026
      Google's Gemini 4 Argon is finally here

      Google’s Gemini 4 Argon is finally here

      14 October 2026
      Apple's new HomeView smart home hub

      Apple takes another shot at the smart home

      13 October 2026
      AI is now holding up the world economy, says IMF

      AI is now propping up the world economy, says IMF

      12 October 2026
      SpaceX takes aim at US wireless carriers with spectrum acquisition

      Starlink is coming for your mobile operator

      9 October 2026
    • In-depth

      10 days that changed the course of AI

      21 September 2026
      Meta to the AI industry: slow down without us - Mark Zuckerberg

      Meta to the AI industry: slow down without us

      16 September 2026
      Google DeepMind CEO Demis Hassabis. Image: John Sears

      The plan to stop AI from breaking the world

      16 July 2026
      The internet has a Strait of Hormuz problem

      The internet has a Strait of Hormuz problem

      15 July 2026
      AI boom sparks rally, frenzy and fear

      AI boom sparks rally, frenzy and fear

      11 June 2026
    • TCS
      W&W | LDV's Gerhard Moolman on electric bakkies, fleet orders and 'school fees'

      W&W | LDV’s Gerhard Moolman on electric bakkies and fleets

      9 October 2026
      TCS | Frogfoot sees bigger fibre deals coming - TechCentral Show guests Abraham van der Merwe and Shane Chorley

      TCS | Frogfoot sees bigger fibre deals coming

      8 October 2026
      Meet the CIO | Vodacom's Mohamed Sami on the agentic future

      Meet the CIO | Vodacom’s Mohamed Sami on the agentic future

      5 October 2026
      Lexi Novitske, general partner at Norrsken22, on the TechCentral Show

      TCS | Norrsken22’s Lexi Novitske on how China is winning African tech

      1 October 2026
      TCS | Dominic White and Adam Ely on AI agents going rogue

      TCS | Dominic White and Adam Ely on AI agents going rogue

      29 September 2026
    • Opinion
      Nonkqubela Thathakahle Jordan-Dyani

      Why cybersecurity is now a national security issue for South Africa

      15 October 2026
      When a machine can choose, who does it become? Fanie van Rooyen

      When a machine can choose, who does it become?

      9 October 2026
      Let South Africans jailbreak their way to digital sovereignty - Dirk de Vos

      Let South Africans jailbreak their way to digital sovereignty

      5 October 2026
      South Africa's next energy crisis is in the accounts department - Craig Holmes

      South Africa’s next energy crisis is in the accounts department

      29 September 2026
      The steam engine lesson AI doomsayers keep missing - Sam Clarke

      The steam engine lesson AI doomsayers keep missing

      28 September 2026
    • Company News
      • 1Stream
      • Africa Data Centres
      • AfriGIS
      • Altron Digital Business
      • Altron Document Solutions
      • Altron Group
      • Arctic Wolf
      • Ascent Technology
      • AvertITD
      • BBD
      • Braintree
      • CallMiner
      • CambriLearn
      • CM.com
      • Contactable
      • CYBER1 Solutions
      • Digicloud Africa
      • Digimune
      • Domains.co.za
      • ESET
      • Euphoria Telecom
      • HOSTAFRICA
      • Incredible Business
      • iONLINE
      • IQbusiness
      • Iris Network Systems
      • Kaspersky
      • LSD Open
      • Mitel
      • NEC XON
      • Netstar
      • Network Platforms
      • Next DLP
      • Ovations
      • Paracon
      • Paratus
      • Publishared
      • Q-KON
      • SevenC
      • SkyWire
      • Solid8 Technologies
      • Telit Cinterion
      • Telviva
      • Tenable
      • Vertiv
      • Videri Digital
      • Vodacom Business
      • Vox
      • Wipro
      • Workday
      • XLink
    • Sections
      • AI and machine learning
      • Banking
      • Broadcasting and media
      • Cloud services
      • Contact centres and CX
      • Cryptocurrencies
      • Education and skills
      • Electronics and hardware
      • Energy and sustainability
      • Enterprise software
      • Fintech and payments
      • HealthTech
      • Information security
      • Internet and connectivity
      • Internet of things
      • Investment
      • IT services
      • Lifestyle
      • Policy and regulation
      • Public sector
      • Retail and e-commerce
      • Satellite communications
      • Science
      • SMEs and start-ups
      • Social media
      • Talent and leadership
      • Telecoms
      • Watts & Wheels
    • Events
    • Advertise
    TechCentralTechCentral
    Home » News » MTN gains despite first-ever loss

    MTN gains despite first-ever loss

    By Loni Prinsloo4 August 2016
    Twitter LinkedIn Facebook WhatsApp Email Telegram Copy Link
    Get breaking news on WhatsApp

    MTN-640

    MTN Group shares gained the most in more than five weeks after Africa’s biggest mobile phone operator booked the full value of a 330bn naira (US$1bn) fine in Nigeria, drawing a line under a 10-month saga that wiped a third off the share price.

    The wireless carrier made a first-ever per-share loss as a public company in the six months through June, partly caused by a provision for the penalty in Africa’s biggest economy, Johannesburg-based MTN said in a statement on Thursday.

    The margin for earnings before interest, taxes, depreciation and amortization also weakened in South Africa, its biggest market after Nigeria.

    “MTN pushed the value of the entire fine onto the income statement,” Byron Lotter, a money manager at Vestact, which holds MTN stock, said by phone. “This is a once-off and expectations are that they will recover in the next year.”

    The levy of the Nigeria fine sent MTN’s shares tumbling when it was made public in October, firing the starting gun on months of negotiations with local authorities and prompting the departures of company officials including CEO Sifiso Dabengwa. A deal to pay a reduced fine over three years was eventually struck in June, while MTN also agreed to list its Nigeria unit on the country’s stock exchange.

    MTN’s shares jumped as much as 4,4% on Thursday, the most since June 28, and traded 2,2% higher at R135,42 as of 4.14pm in Johannesburg. The stock had declined as much as 4,3% in early trade after the loss was reported. The shares are still 29% below their level when the penalty was announced.

    “The market possibly recovered because many believe this is the bottom in terms of MTN’s earnings performance,” Peter Takaendesa, a money manager at Mergence Investment, said by phone from Cape Town. “The market will still be shocked if the company decides to significantly cut its dividend” when it reports more detailed earnings on Friday.

    The first-half loss will be between R2,85 and R3,15/share, MTN said. The headline figure, which excludes one-time items, will be a loss of between R2,55 and R2,85/share.

    Losses from mobile phone towers and digital businesses also contributed to the first-half performance, as did the foreign exchange impact of weaker operating currencies against the US dollar.

    Turning around the Nigeria business will be a top priority for incoming CEO Rob Shuter, who will join the company from Vodafone Group by 1 July 2017.

    “MTN still has a lot to do and it will be all about implementation,” Lotter said. “That’s up to management. Vestact is very excited about the company’s new management team.”  — (c) 2016 Bloomberg LP

    • Reported with assistance from John Bowker
    Add TechCentral as a preferred source on GoogleFollow TechCentral on Google NewsGet breaking news on WhatsApp


    Byron Lotter Mergence Investment MTN MTN Nigeria MTN South Africa Peter Takaendesa Rob Shuter Sifiso Dabengwa Vestact
    WhatsApp YouTube
    Share. Facebook Twitter LinkedIn WhatsApp Telegram Email Copy Link
    Previous ArticleRand soars on DA gains, BoE decision
    Next Article ANC stung in dramatic election

    Related Posts

    Ispa asks if government still cares about the cost to communicate

    Ispa asks if government still cares about the cost to communicate

    19 October 2026
    Banks to lose their grip on South Africa's payments system

    Banks to lose their grip on South Africa’s payments system

    19 October 2026
    MTN hits 10Gbit/s wireless speeds in South African 5G-Advanced trial

    MTN hits 10Gbit/s wireless speeds in South African 5G-Advanced trial

    13 October 2026
    Company News
    Innovex 2026: taking opportunity to where potential lives

    Innovex 2026: taking opportunity to where potential lives

    21 October 2026
    How to choose a .co.za domain without paying more later

    How to choose a .co.za domain without paying more later

    20 October 2026
    Winners, from left: Zandile Monaisa (Rand Refinery), Sibongakonke Kheswa (PSG Capital), Stefan Links (Forestry South Africa), Thabang Modiba (Mondelez International), Charmaine Ncube (Razor PR), Shaun Burger-Smal (Bestmed Medical Scheme), Nandipha Ngcobo (Transnet), Tracy Mulwela (Vodacom), Cheryl-Lynn Freeman (Mzansi Business Services), Yasheen Harrielall (Zutari), Valentine Mabaso (Taonga Business Group) and Thabang Thlaku (African Rainbow Minerals). Image: Rising Star Awards

    Celebrating South Africa’s rising stars: the leaders shaping what comes next

    19 October 2026
    Opinion
    Nonkqubela Thathakahle Jordan-Dyani

    Why cybersecurity is now a national security issue for South Africa

    15 October 2026
    When a machine can choose, who does it become? Fanie van Rooyen

    When a machine can choose, who does it become?

    9 October 2026
    Let South Africans jailbreak their way to digital sovereignty - Dirk de Vos

    Let South Africans jailbreak their way to digital sovereignty

    5 October 2026

    Subscribe to Updates

    Get the best South African technology news and analysis delivered to your e-mail inbox every morning.

    Latest Posts
    Innovex 2026: taking opportunity to where potential lives

    Innovex 2026: taking opportunity to where potential lives

    21 October 2026
    Discovery ranks cybercrime as its top risk, citing frontier AI

    Discovery ranks cybercrime as its top risk, citing frontier AI

    21 October 2026
    Treasury backs down on crypto rules after 'thousands' of comments - Enoch Godongwana

    Treasury backs down on crypto rules after ‘thousands’ of comments

    21 October 2026
    Godongwana cuts fuel levy again, with diesel getting the bigger break

    Godongwana cuts fuel levy again, with diesel getting the bigger break

    21 October 2026
    © 2009 - 2026 NewsCentral Media
    Built and maintained by Chronon
    • Cookie policy (ZA)
    • TechCentral – privacy and Popia

    Type above and press Enter to search. Press Esc to cancel.

    Manage consent

    TechCentral uses cookies to enhance its offerings. Consenting to these technologies allows us to serve you better. Not consenting or withdrawing consent may adversely affect certain features and functions of the website.

    Functional Always active
    The technical storage or access is strictly necessary for the legitimate purpose of enabling the use of a specific service explicitly requested by the subscriber or user, or for the sole purpose of carrying out the transmission of a communication over an electronic communications network.
    Preferences
    The technical storage or access is necessary for the legitimate purpose of storing preferences that are not requested by the subscriber or user.
    Statistics
    The technical storage or access that is used exclusively for statistical purposes. The technical storage or access that is used exclusively for anonymous statistical purposes. Without a subpoena, voluntary compliance on the part of your Internet Service Provider, or additional records from a third party, information stored or retrieved for this purpose alone cannot usually be used to identify you.
    Marketing
    The technical storage or access is required to create user profiles to send advertising, or to track the user on a website or across several websites for similar marketing purposes.
    • Manage options
    • Manage services
    • Manage {vendor_count} vendors
    • Read more about these purposes
    View preferences
    • {title}
    • {title}
    • {title}
    🇿🇦 Sign up to the TechCentral newsletter