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Csecurity. The firm, however, said these margins were within the medium-term guidance and were also achieved against the continued impact of higher cost of sales relating to increased device sales.
This result was delivered against high inflation, rising interest rates, unemployment and unprecedented loadshedding, which negatively impacted the overall network availability and some business functions, the group said.
“Despite this tough environment, in which inflation rose to 7.5 per cent by September 2022 (from 5.7 per cent in January 2022), MTN SA’s focus on commercial and operational execution, helped to drive further In SA, service revenue grew market share gains which 3.5 per cent year on year, the underpinned a solid overall mobile operator said in an update, performance. with this performance also “MTN Group remained resilunderpinned by data demand, ient in the first nine months of which grew 13.5 per cent. Core 2022 under difficult macroeconomic, profit margin in SA slipped to geopolitical and regulatory 39.5 per cent from 41.6 per conditions, delivering a
atsites, as well as betterthe update. cent, amid network resilience solid operational and financial interventions, which include performance,” group President additional batteries and gener- and CEO Ralph Mupita said in ators OHANNESBURG - Most markets rose on Sunday following strong United States (US) jobs data, with fresh rallies seen in Hong Kong even after China said it would stick to its strict zero-COVID-19 policy.
Global stock markets and oil prices were buoyant last week on hopes that Beijing would roll back some of its economically painful policies aimed at stamping out the disease within its borders.
But on Saturday, the Chinese Government said it would ‘unswervingly’ stick to its current plan, which involves harsh lockdowns and strict quarantine and testing regimens for even the smallest clusters of cases.
- Africa’s largest mobile operator MTN says its overall subscriber base grew 6.8 per cent to almost 285 million in its third quarter to end September, growing just over eight per cent in South Africa (SA), where margins have slipped a little amid load shedding, although it has carved out some additional market share.
MTN, which had about 35.88 million SA subscribers at period end, reported core profit growth of 14.7 per cent for its third quarter, boosted by strong data demand, including in its biggest market Nigeria, where it has also felt the effects of new sim registration rules.
Performance
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Wall Street equities had enjoyed a boost on Friday from the latest US jobs data, which showed that hiring remained resilient and wages continued to rise, though at a slower pace. The data, which comes days ahead of critical US midterm elections, raised hopes of a soft landing for the world’s biggest economy despite aggressive Fed rate hikes aimed at taming inflation.
All three main US indexes ended around 1.3 per cent higher on Friday, and Tokyo shares extended those gains, trading up 1.3 per cent in the early afternoon.
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