MTN to quit Middle East to focus on Africa
Mobile operator MTN Group has announced it's pulling out of its Middle Eastern operations to focus more on Africa.
The continent's telecoms giant plans to start the process by selling off its 75% stake in MTN Syria.
On Thursday the MTN Group company reported strong mid-year results - chief financial officer Ralph Mupita (CFO of the Year 2019) says it's a combination of lockdown demand and financial discipline across the business.
Service revenue very strong; profits even stronger and then cash flow much, much stronger.Ralph Mupita, CFO - MTN Group
That's been really driven by a couple of factors: We've seen our subscriber base grow... Covid has accelerated usage, particularly of data... Also, importantly, we've also managed cost very well in the period...Ralph Mupita, CFO - MTN Group
Mupita says MTN's withdrawal from the Middle East will be done "in an orderly manner" over three to five years.
The company, through the executive and the board, we've applied our minds to the portfolio for some time.Ralph Mupita, CFO - MTN Group
... we followed up and during the course of this year we've had discussions really around thinking about where are we best placed to utilise our resources - capital and human.Ralph Mupita, CFO - MTN Group
When you look at the next three to five years... we are very clear it's going to be the African continentRalph Mupita, CFO - MTN Group
Mupita says they've always felt very welcome in the Middle East but the region has increasingly become a small part of their portfolio.
For more detail from the MTN CFO, take a listen:
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