African telecoms giant, MTN Group, said yesterday that it expects to report an improvement of at least 20 per cent in headline earnings per share for the 12 months ended December last year.
The carrier, the largest in Africa, which has endured a difficult time over the past 12 months, particularly in its biggest market, Nigeria, in a note, said it expects to post an increase of 36.4 cents and 49.2 cents respectively in both headline earnings per share (HEPS) and attributable earnings per share (EPS) for the 12-month period.
This is compared to headline earnings per share of 182 cents and attributable earnings per share of 246 cents for the prior financial year.
MTN said it expects to publish its results on Thursday, 7 March 2019.
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The group’s share price has declined markedly over the past year, following ongoing issues with Nigeria’s regulators and monetary officials. MTN did, however, settle allegations that it illegally transferred $8.1 billion of funds out of Nigeria, at the end of December.
Bloomberg reported that the Central Bank of Nigeria (CBN’s decision to clear MTN of wrongdoing in its repatriation of dividends over an eight-year period meant it would cost the Johannesburg-based company just $52.6 million to satisfy Nigerian officials over their concerns with a 2008 private placement.
Nigerian authorities originally wanted a full reversal of the $8.1 billion of dividends.
However, MTN has had persistent run-ins with authorities as it chases big sales growth opportunities in Nigeria. There are still major hurdles for it to overcome in its largest market: it faces a Nigerian court hearing on 7 February over a separate claim that it owes $2 billion in back taxes. Investors however remain skeptical.
