MTN’s dividend exceeds analyst estimates; Posts record loss

Despite posting a record loss of R9.59 billion ($526 million) due to currency devaluations, MTN Group beat dividend estimates, signaling confidence in its financial position.

The Johannesburg-based telecom giant announced a dividend of R3.45 per share, exceeding Bloomberg analysts' forecast of R3.35 per share.

MTN, which operates in 18 markets across Africa, has been heavily impacted by currency fluctuations, particularly in Nigeria, which contributes a third of its revenue.

However, the company still reported revenue of R188 billion, slightly above the R185 billion estimate.

Investor sentiment remained positive, with MTN’s shares rising 3.4% in early Johannesburg trading, as the company targets an even higher dividend of R3.70 per share for the current financial year.