Friday, March 3, 2017

MTN Made $200m Loss in 2016 – The Company's Worst Record In 22yrs

   
    South African telecoms giant MTN revealed that it made a whooping $200m loss last year 2016 which is the company’s worst record in 22 years after suffering a huge fine in Nigeria and currency challenges in key African markets including South Africa and Nigeria.

In 2016, the Nigeria Communication Commission (NCC) imposed N330bn regulatory fine on the telecommunication giant over its failure to disconnect 5.1 million unregistered SIM cards.

In its report, the company said the action of NCC contributed to its loss. In their words...

“MTN Group’s financial results for 2016 reflect the most challenging year in the company’s 22-year history,” a statement by the company read.

“The performance in Nigeria was hurt by the forced disconnection of 4.5 million customers by the government a year ago, regulatory penalties and the weakness of the naira against the dollar.

“In South Africa, lower demand for mobile-phone contracts weighed on earnings.

“Towards the end of 2016 our two largest operations (South Africa and Nigeria)… began to show signs of a turnaround following an extended period of under-performance.”

It is worthy to recall that MTN reported profits of 20.2 billion rand ($1.6bn) before tax for 2015 business year, the revenue was fractionally up for the year at 146.9 billion rand ($11.3bn). While in August 2016, the company revealed its first-ever half year loss.

MTN said it expects to add 8.3 million new users in the 2017 financial year. It said its total subscribers increased by 3.3% or 7.7 million to 240 million in 2016. This is a press release.
   
   
   
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17 comments:

  1. So it means that mtn will be real hard to get this 2017

    ReplyDelete
  2. All I fear is them increasing there price of data sub or removing the midnight plan


    That's the only pace where mtn give me joy


    If they remove plan that means I will run from mtn

    ReplyDelete
  3. hmmhhh.......
    mtn most lost dis Year Again cox dey ar still deducting our money..... stingy network

    ReplyDelete
    Replies
    1. I keep wondering what will happen to us this year

      Now they made their loose public to us all

      They will deduct till we are dry to shit

      Delete
  4. Am so happy to hear this.

    Cux d only thing they know to zap ut airtime any how which is not fair

    ReplyDelete
  5. "Dia is God ooo"

    Is what i said the last time they zap my money!

    I think dia bad work is hunting them now

    ReplyDelete
  6. MTN network is worst network in Nigeria I don't think the way they treat Nigerians is dissame way south African.

    ReplyDelete
  7. i wish to see MTN leave Nigeria for good MTN has no respect for nigeria. MTN have no lose in Nigeria because MTN use Nigeria dry.

    ReplyDelete
  8. MTN are not lose there just playing around. since morning I'm trying to load card but I can just because network problem uptil now

    ReplyDelete
  9. In our bid to become top in this site, we have now turned the comments into a chat room.

    Wizytechs, please kindly do something urgently

    ReplyDelete
  10. that's bad, I just hope this won't cause them to start deducting our airtime more than they've been doing...stingy people

    ReplyDelete
  11. Haba ! MTN we are sorry but you too deduct our money unfair

    ReplyDelete

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