MTN Group shares rose more than 4% in Johannesburg on Wednesday after its biggest unit, MTN Nigeria Communications, posted a solid financial report for the first quarter of the year.
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MTN Group CEO Rob Shuter was paid R58.2-million in the 2019 financial year, a 35.7% increase on his total remuneration for 2018, but even these generous rewards were not enough to keep him.
Leading MTN Group has come at an “enormous sacrifice”, outgoing CEO Rob Shuter said on Wednesday at a media conference following the presentation of the telecommunications operator’s 2019 financial results.
MTN Nigeria, MTN Group’s largest operating subsidiary, turned in a robust performance in the 2019 financial year, with mobile subscribers rising by 6.1 million to 64.3 million and profit before tax up by 31.1%.
MTN Group shares fell in Johannesburg on Wednesday after it said subscribers in its key Nigerian unit grew by only 0.1% in the quarter ended 30 September and capital expenditure rose.
MTN Group and Shoprite are among South African firms facing a backlash to xenophobic violence in their home country.
MTN Nigeria has published strong maiden results as a listed company, with operating margins expanding significantly on the back of good service revenue growth.
MTN Group said on Wednesday that its Nigerian subsidiary has received approval to list on the premium board of the Nigerian Stock Exchange.
MTN Group CEO Rob Shuter was paid R42.9-million in the financial year ended 31 December 2018, up from R40.6-million in 2017, while other top executives were also handsomely rewarded.
MTN Group plans to push ahead with an initial public offering of its Nigeria unit in April or May once Africa’s biggest wireless carrier resolves a $2-billion tax dispute in the country.