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Get to know your JSE companies: MTN GROUP LTD (JSE: MTN)

MTN Group Limited is a mobile operator that offers consumer, digital and business services. It operates in three regions: South/East Africa (SEA), West/Central Africa (WECA) and the Middle East and North Africa (MENA).

On 29 August 2018 MTN Nigeria received a letter from the Central Bank of Nigeria (CBN) claiming dividends amounting to US$8.1bn repatriated from Nigeria needed to be refunded. It is important to note that the US$8.1bn mentioned, is NOT a fine. It is reported that four banks were ordered to refund US$8.1bn of dividends repatriated between 2007 and 2015. MTN currently has about R13.4bn in cash according to their latest financial statements (30 June 2018).

Since 2014, profit margins have declined, which demonstrates the challenging environment mobile operators are facing.

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