MTN flags profit boost on tower asset sales - Mobile World Live

MTN flags profit boost on tower asset sales

08 FEB 2021

MTN Group told shareholders it expected to book a jump in annual profit for 2020 when it reports its full figures next month, with takings from the sale of stakes in two tower units offsetting hits from several individual operations.

In a trading statement made to the Johannesburg Stock Exchange, the operator group said it expected to book earnings per share of between 75 per cent and 95 per cent more than 2019 when it files its latest accounts.

Gains are expected to be largely derived from the sale of its stakes in tower ventures in Uganda and Ghana to JV partner American Tower for $523 million.

MTN also noted it had taken impairment losses related to operations in Syria, Yemen, Guinea Bissau and Liberia, alongside a hit related to its stake in international wholesale carrier BICS.

In December, MTN confirmed it was also considering selling and leasing back some of its tower assets in South Africa as it looks to continue a strategy of releasing funds from the sale of passive infrastructure.

The operator group plans to release its annual results and report on 10 March.

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Chris joined the Mobile World Live team in November 2016 having previously worked at a number of UK media outlets including Trinity Mirror, The Press Association and UK telecoms publication Mobile News. After spending 10 years in journalism, he moved...

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