MTN sales boosted by Nigeria growth

MTN Group Ltd. said improved operational performance across the business coupled with the proceeds from asset sales delivered healthy profit growth last year.

Headline earnings per share increased by between 30% and 50% in 2019, even after a downward adjustment from a change in reporting standards, the Johannesburg-based telecom company said in a statement after the market closed on Tuesday.

While MTN provided little further detail, a spokeswoman highlighted the group’s biggest market of Nigeria as a significant high performer. Disposals including minority stakes in two tower joint ventures for $540 million also helped support growth, she said.

MTN is looking to raise as much as 60 billion rand ($4 billion) from an ongoing asset-sale plan, with further tower businesses and a stake in the carrier’s Nigerian unit up for sale. The company has more than 20 markets across Africa and the Middle East.

The shares have declined 2.7% in the past 12 months, valuing the company at 157 billion rand.

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MTN sales boosted by Nigeria growth