Heps for the year ended 31 December 2024 will decline by between 59 and 79, MTN said, while earnings per share will plunge by more than 100. Despite this, its share price was trading up more than 2.4 at 9.58am in Johannesburg. Earlier in the trading session, the share touched R122.50, a 52-week high.
It said Heps was negatively impacted by non-operational items of some -R7.18/share, including hyperinflation adjustments of -16c 2023: -R1.50 forex losses of -R5.98, which includes Nigerian naira depreciation impact of -R3.99 2023: -R5.93 deferred tax charge of -58c 2023: nil and other non-operational items of -46c 2023: -23c.
Despite the weak earnings, MTN reiterated that it expects to report a 'strong underlying performance" for the 2024 financial year when it publishes its full-year numbers next month.
"We are encouraged by the relative stability of some important key macroeconomic indicators in the second half of 2024, such as inflation and forex rates in some of our key markets. This provided some support to our performance in the period, and we anticipate reporting a pleasing positive momentum in H2 earnings, free cash flow and holding company leverage ratio," it said.
MTN Group will publish its annual results on 17 March 2025. - 2025 NewsCentral Media